Friday, March 6, 2009

Wall St Tumbles; Dow below 6600 first time since April '97 and Asian markets trading weak; Nikkei down 3%

US markets tumble as investors were rattled by doubts about the survival of General Motors, energy weakness, and JPMorgan Chase’s credit rating cut. Beleaguered auto giant General Motors, which has already received USD 13.4 billion in Federal loans, has hinted at possible bankruptcy if its restructuring plans do not succeed in the long-term. Also, auditors raised substantial doubts about the company's ability to survive outside bankruptcy if it fails to stem its losses or stop burning cash.

The Dow Jones ended below 6,600 for the first time since April 1997, it fell 281.40 points, or 4.1%, to 6,594.44. The S&P 500 index too slipped 30.32 points, or 4.3%, to 682.55. The Nasdaq composite index fell 54.15 points, or 4%, to 1,299.59.


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