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US market reaches the lowest level

10 October 2008 08:18 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. U.S stocks fell for a seventh straight session on Thursday, with the Dow sliding below 9,000 for the first time in more than five years, as investors worried recent moves by authorities worldwide to thaw frozen credit markets might not be enough to avert a global recession.
The Dow Jones industrial average dropped 678.91 points, or 7.33%, to 8,579.19.
Standard & Poorâ€™s 500 Index plummeted 75.02 points, or 7.62%, to 909.92. The Nasdaq Composite Index sank 95.21 points, or 5.47%, to 1,645.12.
The Dow has lost 2,271.47 points in the last seven trading days - the worst ever in such a period.
Trading was active on the New York Stock Exchange, with about 2.04 billion shares changing hands - above last yearâ€™s estimated daily average of roughly 1.90 billion.
About 2.95 billion shares were traded on the Nasdaq, above last yearâ€™s daily average of 2.17 billion.
It was a year ago on 9 October that the Dow closed at a record high above 14,000. Since then, the Dow has fallen 5,585.34 points - or almost 40%.
European shares also extended their slide on Thursday as banks and oil shares turned negative.
The London FTSE 100 index of leading shares fell 1.21 percent to 4,313.80 while in Paris the CAC 40 shed 1.55 percent to finish at 3,442.70. The Frankfurt Dax lost 2.53 percent at 4,887 points.
Bucking the trend was Moscow, where the leading stock markets closed around 10 percent higher, rebounding from the previous dayâ€™s sharp losses amid global financial turmoil.