21/01/2009 - 06:40

Banking sector fears offsets optimism

21/01/2009 - 06:40

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Wall Street plunged yesterday adding to losses from the markets' worst week since November 2008, as fears about the banking sector offset optimism surrounding the inauguration of US President Barack Obama.

Wall Street plunged yesterday adding to losses from the markets' worst week since November 2008, as fears about the banking sector offset optimism surrounding the inauguration of US President Barack Obama.

With Mr Obama officially sworn in as president, financial shares sank 10 per cent and the Dow industrials had slid 4.0 per cent at the close, with the Standard & Poors 500 Index extended its retreat since election day to 18 per cent, down 5.3 per cent.

The Nasdaq composite sank or 5.8 per cent, dropping from 88.47 points to 1,440.86 with the broad Standard & Poor's 500 index sinking 5.3 per cent, or 44.88 points, to a preliminary close of 805.24.

The S&P 500 sank 3 per cent to 825.05 in mid-afternoon trading in New York.

The Dow Jones Industrial Average slid 332.13 points to 7,949.09 at the closing bell, dropping below the key level of 8,000.

The S&P 500 fell 5.9 per cent in the first 11 trading days of 2009, second only to last years' 6.5 per cent drop, according to Bloomberg data.


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