Don't miss

Replay


LATEST SHOWS

THE INTERVIEW

HRW chief Kenneth Roth: 'Putin cares about European public opinion'

Read more

BUSINESS DAILY

Facebook profits soar 186% as user numbers surge

Read more

IN THE PAPERS

Turkey: 'Once upon a time, there was a democracy'

Read more

IN THE PAPERS

Priest attack: 'After the shock, now come the questions'

Read more

EYE ON AFRICA

DR Congo: Thousands welcome opposition leader Tshisekedi after two-year absence

Read more

MEDIAWATCH

FRANCE 24 amongst French media to stop publishing jihadists' photos

Read more

THE DEBATE

Church attack aftermath - France's political fallout: Who stands to benefit?

Read more

MIDDLE EAST MATTERS

Safety at any cost in Israel

Read more

ENCORE!

Film show: ‘Genius’, ‘The Secret Life of Pets’ and ‘Endless Summer’

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)