Don't miss

Replay


LATEST SHOWS

THE DEBATE

Turkey targeted: Islamic State Group blamed for Istanbul attack (part 1)

Read more

THE DEBATE

Turkey targeted: Terror attack coincides with foreign policy pivot (part 2)

Read more

THE INTERVIEW

" We have a lot that we can do together to make Middle East a better place"

Read more

FOCUS

Will Bolivia see a lithium boom?

Read more

MIDDLE EAST MATTERS

Child refugees: Inside Turkey's hidden sweatshops

Read more

ENCORE!

Film show: 'The Red Turtle', 'Camping 3' and 'The Balkan Trilogy'

Read more

FACE-OFF

After Brexit, is a Frexit possible?

Read more

BUSINESS DAILY

Vodafone warns it could move HQ out of UK

Read more

IN THE PAPERS

French people against a 'Frexit' referendum

Read more

Business

Wall Street plunges to 12-year low

Video by Siobhán Silke (FRANCE 24)

Latest update : 2009-02-24

The Dow Jones Industrial Average nosedived by 250.89 points, or 3.4%, to close at 7,114.78, its lowest point since 1997. Wall Street failed to rally on Monday despite the US government's efforts to revive the economy.

AFP - Wall Street indexes plunged to their lowest close in nearly 12 years on investor disappointment with the latest plan from Washington to prop up the ailing US banking system.
  
The Dow Jones Industrial Average sank 250.89 points (3.41 percent) to 7,114.78, crashing below its November bear market low and hitting its lowest close since May 1997.
  
The broad-market Standard & Poor's 500 index shed 26.72 points (3.47 percent) to 743.33, its lowest finish since April 1997.
  
The tech-heavy Nasdaq composite slid 53.51 points (3.71 percent) to 1,387.72, its lowest level since November 2008.
  
Market action came as US authorities unveiled plans for a "capital buffer" for ailing banks but said they would seek to avoid nationalization.
  
Marc Pado, a stock analyst at Cantor Fitzgerald, said the market had hoped for further details on the Obama administration's plan to rescue the banking system.
  
"The market is still having trouble with the idea that we're not getting the clarity that its needs for the financial system," he said.
  
"It's good news for the banks that the government is saying that they approved more bailout funds, but that's not a plus for the market that the banks need bailout funds."
 

Date created : 2009-02-23

COMMENT(S)