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US market close low

21 January 2009 07:40 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. The Dow Jones industrial average fell 332.13, or 4.01 percent, to 7,949.09, its lowest close since Nov. 20, when the blue chips ended at 7,552.29 â€” their lowest point in more than five years. It was also the blue chips’ biggest drop since Dec. 1.
The collapse in bank stocks was swift: State Street Corp. plunged 59 percent, Citigroup fell 20 percent and Bank of America lost 29 percent. Royal Bank of Scotland fell 69 percent in New York trading, AP reports.
The Dow’s showing was its worst in the post-war era for an Inauguration Day; it has fallen on about three-quarters of Inauguration Days, according to Dow Jones & Co.
Broader stock indicators also fell sharply Tuesday. The Standard & Poor’s 500 index fell 44.90, or 5.28 percent, to 805.22, and the Nasdaq composite index fell 88.47, or 5.78 percent, to 1,440.86.
The Russell 2000 index of smaller companies fell 32.80, or 7.03 percent, to 433.65.
Japan’s Nikkei stock average fell 2.31 percent. Britain’s FTSE 100 fell 0.42 percent, Germany’s DAX index fell 1.77 percent, and France’s CAC-40 fell 2.15 percent.