The nightmare on Wall Street shows no sign of abating. With the Dow Jones falling below the 10,000-po...
The Dow closed down 317.34 points to 9973.46 and the Nasdaq lost 42.69 to 1972.09 while the Standard & Poor 500 slipped 30.95 to end on 1166.71 with every one of its sectors in decline.
Bank and other financials were among the stocks hardest hit. Citigroup lost $3.49 to 44.90, American Express fell $3.15 to 38.48 and Wells Fargo slipped $2.89 closing at 46.56.
Northwest Airlines fell 94 cents to $19.75 on admission it expects to lose as much as $150m in the first quarter, more than double the figure predicted by analysts, due to a slowdown in the business travel. The news had a knock on effect as Delta and American Airlines parent AMR lost $1.59 to 39.87 and $1.49 to 32.81 respectively.
After fast food giant McDonalds said first quarter and full-year profit is likely to fall short of analyst forecasts it lost 24 cents to $27.75.
The Asian markets reacted in varying ways to the US market declines. Japan's Nikkei 225 fell 309.24 to 12,152.83 while Hong Kong's Hang Seng index climbed 151.90 to 13,488.68.
Japanese financial stocks dragged the country's benchmark index down with losses for Sanwa, which fell 1.9% to 682 yen, Tokai down 0.5% at 406 yen and Toyo Trust & Banking 2.2% lower at 318 yen.
In Hong Kong the biggest property development group Cheung Kong gained 2.9% edging up to HK$89.75 and Sun Hung Kai Properties rose 2% to HK$77.50. The Singapore Straits Times fell 0.1% to 1790.79 with DBS 1.2% lower at S$17.20 while Australia's ASX200 lost 0.6% to 3242.90.
By Andy Wild
Caring for children and elderly relatives
Similar to June 2007
Square Mile’s series of informal interviews
Fine reduced to £60,000
Two roles created