Don't miss

Replay


LATEST SHOWS

ENCORE!

Irish writer Rob Doyle blends philosophy and humour in 'This is the Ritual'

Read more

FOCUS

Morocco sees drop in tourist numbers

Read more

REPORTERS

Video: Welcome aboard the West African Express

Read more

FRANCE IN FOCUS

Migrant crisis: Is Calais the dead end on the migrant trail?

Read more

IN THE PAPERS

'There’s a special place in hell for women who don’t help each other'

Read more

IN THE PAPERS

Is there a future for French farming?

Read more

MEDIAWATCH

Merkel's Migrant Conundrum

Read more

BUSINESS DAILY

Japanese shares slump as global market sell-off continues

Read more

MEDIAWATCH

Beyoncé's Black Power Message

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)