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US markets goes down

06 October 2008 08:33 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. he Dow Jones Industrial Average closed at a near three-year low, while the S&P 500 closed at its lowest level since 2004 and had the worst week since the aftermath of 9/11. Citigroup was the biggest loser on the Dow, as Wells Fargo attempted to snatch Wachovia from its rivalâ€™s arms.
he Dow Jones Industrial Average fell 157.47 points, or 1.5 per cent, to 10,325.38, its lowest close since October 2005. For the week, the Dow fell 7.3 per cent, its worst percentage drop since the week ended July 19, 2002. The Dow has now fallen seven out of the last eight weeks, and is 27 per cent below its record close last October.
The broad S&P 500 fell 15.05 points, or 1.35 per cent, to 1099.23, its lowest close since October 2004. On the week, the S&P 500 fell 9.4 per cent, its worst week since the week the market reopened in the aftermath of the 2001 terrorist attacks. The technology-oriented Nasdaq Composite fell 29.33 points, or 1.48 per cent, to 1947.39, its lowest close since May 3, 2005. On the week, the Nasdaq fell 11 per cent, also its biggest percentage weekly drop 2001.
In Europe, stock markets had finished sharply higher in anticipation the $US700 billion bailout bill would be passed. The London FTSE 100 jumped 2.26 per cent to 4980.25 and in Paris, the CAC 40 added 2.96 per cent to 4080.75. Frankfurtâ€™s DAX was up 2.41 per cent at 5797.03.