Thursday, January 15, 2009

Wall Street plunges; Dow down 248 pts & Asian markets trading weak; Nikkei slips 4%

US markets fell sharply as worries about more credit losses in the banking sector and the earnings season weighed on stocks. Financials led declines, Citigroup fell 23%. In other losers, Apple plunged on news that CEO Steve Jobs will take a medical leave of absence through the end of June.

In stocks in news, North America's biggest telephone equipment maker Nortel files for bankruptcy protection. A dismal picture was seen on the economic front with retail sales dropping 2.7% in December and import and export prices falling for fifth straight month.
The Dow fell 248.42 points, or 2.94%, to 8,200.14. The S&P 500 plunged 29.17 points, or 3.35%, to 842.62. The Nasdaq composite index declined 56.82 points, or 3.67%, to 1,489.64.


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