Wall Street has taken its expected punishment upon opening this morning, with the Dow Jones slumping almost 3% in under an hour of trading.
In the first US market session following the Lehman Brothers collapse and the Merrill Lynch takeover, the Dow is currently 335.21 points lower to 11086.78.
London’s FTSE100 has continued its slide and is on the brink of falling under its 52-week low of 5150.60, now sitting on 5159.50.
In New York, AIG has been pounded early, at one stage almost losing half its value. The insurer has plummeted 40.61% to 7.21. Bank of America, which has taken over Merrill, is 11% lower.
Investment bank JPMorgan Chase is bucking the trend however, 1.07% higher.
The S&P 500 has dipped 2.26% to 1,223.40 and the tech-heavy Nasdaq is down 1.58% to 2,225.64.
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