16/07/2008 - 22:00

Stocks sink on heavy financial losses

16/07/2008 - 22:00

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The Australian share market plunged two per cent today amid heavy losses from the banks on continuing uncertainty about the economic outlook after the US Treasury bailed out home mortgage lenders Freddie Mac and Fannie Mae overnight. At the close, the benchmark S&P/ASX200 index was 105.3 points, or 2.14 per cent lower at 4815.7, while the broader All Ordinaries dropped 97.8 points, or 1.95 per cent, to 4910.1

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