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Market indices plunge around the world

12 November 2008 08:01 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. Stock markets worldwide have dropped sharply as the global financial crisis bites ever deeper into the underlying economy.
By close, the Dow Jones industrial average had fallen 176.58, or 1.99 per cent, to 8,693.96 after falling more than 300 points at one stage. The blue chip index has not fallen below the 8,000 mark in trading since Oct. 10, but remains down 35 per cent year to date.
Broader stock indicators also fell. The Standard & Poorâ€™s 500 index fell 20.26, or 2.20 per cent, to 898.95; and Nasdaq composite index dropped 35.84, or 2.22 per cent, to 1,580.90.
GMâ€™s share price hit a 65-year low of 2.92 dollars, down 13.02 per cent, a day after Deutsche Bank analysts forecast a share value of "zero" for the company.
Citigroup slid 3.66 per cent to $US10.80 after announcing it was placing a moratorium on foreclosures for most home loan borrowers, and that it would work with some 500,000 stretched mortgage customers to help them keep their homes.
It was the first time Citi shares had closed below $US11 since 1996.
Londonâ€™s FTSE 100 index of leading shares lost 3.57 per cent to 4,246.69 points, the CAC 40 index in Paris tumbled 4.83 per cent to 3,336.41 points and in Frankfurt the DAX was down 5.25 per cent to 4,761.58 points.
Japanese share prices retreated on Tuesday, pushed back by worries about weak corporate earnings and a stronger yen.
The benchmark Nikkei-225 index dropped 272.13 points, or 3.0 per cent, to end at 8,809.30.