The Dow Jones Industrial Average officially entered a ‘bear market' on Wednesday after a fresh oil record led to a further fall for US blue-chips stocks.
A 166.75 point (1.46%) loss overnight sent the Dow to 11215.51, down nearly 21% its 14164.53 peak in October 2007. The historical bear market definition is a 20% fall from the peak.
Oil prices continue to weigh heavily on investors, with US light sweet crude climbing $1 to $144.57. London Brent crude rose by $1.50 to $145.75 a barrel.
The hardest hit in the US was again auto giant General Motors, which fell 15.06% to 9.98 on a Merrill Lynch downgrade.
In London, the FTSE100 has opened lower on the gloomy oil and US news, currently sitting 33.90 points (0.62%) lower to 5392.40.
ITV continues its poor recent form, down 5% to 38; while Ferrexpo leads a host of miner declines, 4.88% behind to 326.25.
Engineering firm AMEC leads the way after raising its 2008 margin prospects, 4.36% higher to 886.50.
In Tokyo, the Nikkei’s losing streak hit 11 days, the longest in 54 years. The index closed Thursday down 20.97 yen (0.16%) to 13,265.40.IFAonline
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