US dives deeper into recession as GDP shrinks 6.2%

Plunging exports and significant cuts in business spending dragged the figure below the US government's earlier estimate of 3.8%. The Dow Jones immediately plunged 1.5% after opening, taking the index to its lowest intraday level since 1997, before recovering slightly. At shortly after 3pm GMT, the Dow Jones stood at 7,106 after earlier hitting 7,041. In the UK, the FTSE 100 also felt the impact. After a topsy-turvy morning session, the index plummeted to its lowest level in three months with Lloyds Banking Group, fresh from announcing a £10.8bn loss for HBOS in 2008, the biggest loser....