Don't miss

Replay


LATEST SHOWS

FOCUS

How integrated is Britain's Muslim community?

Read more

TALKING EUROPE

Fighting corporate tax avoidance: Will Brussels clamp down on sweetheart deals?

Read more

TALKING EUROPE

Aivaras Abromavičius, Ukrainian Economy and Trade Minister

Read more

REPORTERS

Video: San Cristobal, Venezuela's tinderbox

Read more

DOWN TO EARTH

Agriculture: When farms turn into factories

Read more

BUSINESS DAILY

Germanwings crash: compensation claims could skyrocket for Lufthansa

Read more

#THE 51%

The extraordinary tale of the Egyptian mother who lived as a man

Read more

IN THE PAPERS

The political recovery of France's right

Read more

THE WORLD THIS WEEK

Germanwings Crash: Co-pilot 'hid illness' on crash day (part 1)

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)