Friday, January 30, 2009

US mkts plunge as US new-home sales fell to all-time low & Asian markets trading lower; Nikkei slips 3.3%

US markets tumble, halting a four- day advance, as banks retreated from heavy gains made over the past few days, more companies posted disappointing earnings and reports on durable goods, home sales and jobless claims spurred concern the recession is deepening.

Bank of America was biggest loser, followed by Citigroup and JP Morgan.

And economic news continues to be dismal. Initial jobless claims rose by 3000 to 5.88 lakh. Durable-goods orders skidded 2.6 percent. And new-home sales tumbled 14.7 percent.

The Dow industrials plunged 226.44 points, or 2.70%, to 8,149.01. The S&P 500 index slipped 28.95 points, or 3.31%, to 845.14, and the Nasdaq composite index declined 50.50 points, or 3.24%, to 1,507.84.


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