Don't miss

Replay


LATEST SHOWS

BUSINESS DAILY

China's credit rating cut over debt worries

Read more

ENCORE!

Cannes 2017: Al Gore 'The modern climate movement was launched here'

Read more

MEDIAWATCH

Manchester, United

Read more

ENCORE!

TV series 'Top of the Lake: China Girl' screened at Cannes

Read more

FOCUS

A lifeline for women facing domestic violence in Pakistan

Read more

ACCESS ASIA

Afghanistan's new TV channel by and for women

Read more

EYE ON AFRICA

Former minister accused of role in murder of two UN investigators in DR Congo

Read more

IN THE PAPERS

'Murder in Manchester': Press reacts to Arena terror attack

Read more

ENCORE!

Cannes 2017: Naomi Campbell hosts 'Fashion For Relief'

Read more

Business

Dow Jones falls below 7,000 for first time in more than a decade

Video by Richard TOMPSETT

Latest update : 2009-03-03

Wall Street's main index, the Dow Jones, slid below 7,000 points at opening for the first time since 1997. The huge AIG losses had a sharp effect. Earlier, Asian and European markets were also down.

AFP - Wall Street stocks dropped from 12-year lows at the opening Monday on heightened financial woes after a new bailout announced for insurance giant AIG.
   
The Dow Jones Industrial Average slid below 7,000 points for the first time since 1997, tumbling 137.87 points (1.95 percent) to 6,925.06 in the first exchanges.
   
The Nasdaq fell 18.69 points (1.36 percent) to 1,359.15 while the broad-market Standard & Poor's 500 index shed 15.13 points (2.06 percent) to 719.96.
   
Market action came after the US government unveiled a fresh aid plan of 30 billion dollars for AIG to stave off collapse of the ailing insurance company as it revealed massive new losses.
   
"The market doesn't like it because it shows how immersed the government has become in managing a controlled burn of this zombie organization that is considered too systemically important to die of natural causes," said Patrick O'Hare at Briefing.com.
   
World markets were under pressure after banking giant HSBC said it was seeking a huge capital injection to survive the global economic crisis.

Date created : 2009-03-02

COMMENT(S)