The Dow Jones saw its fifth consecutive day of losses yesterday, falling 25 points to close at 8449, as investors were spooked by yesterday's speech by Fed chairman Ben Bernanke.
He told the London School of Economics that more bailouts of financial companies may be needed, although the $800bn rescue package by president-elect Barack Obama would go some way to helping stimulate a recovery.
Bank of America was the biggest loser with total falls of 6.82% by the end of play. General Electric and General Motors also posted losses of 5.62% and 3.13% respectively.
In the UK, the FTSE 100 dropped by nearly 0.5% by 8:50 this morning with FirstGroup leading the falls with a loss of 8.72%.
Man Group has also seen a substantial loss this morning of 7.33% following its Q3 interim management results which showed subdued institutional inflows of $0.4bn and redemptions totaling $2.1bn. Its subsidiary, RMF, saw negative performance over the quarter of 7%.
Barclays also fell 8.26% in early trading after announcing 500 UK job cuts and 2,100 globally.IFAonline
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