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| US shares at nearly 12-year low | |
| (20 minutes later) | |
| US shares have fallen sharply on concerns about the government's latest attempts to shore up the banks. | US shares have fallen sharply on concerns about the government's latest attempts to shore up the banks. |
| The Dow Jones Industrial Average closed down 251.4 points, or 3.41%, at 7,114.3, its lowest since October 1997. | |
| But shares in the banks themselves rose sharply, with Citigroup up more than 11% and Bank of America rising over 5%. | But shares in the banks themselves rose sharply, with Citigroup up more than 11% and Bank of America rising over 5%. |
| The US government reiterated its determination to keep banks operating, but added it wanted the banks themselves to stay in private hands. | The US government reiterated its determination to keep banks operating, but added it wanted the banks themselves to stay in private hands. |
| There had earlier been reports that the government was planning to take a bigger stake in Citigroup and could even nationalise it. | There had earlier been reports that the government was planning to take a bigger stake in Citigroup and could even nationalise it. |
| "People left and right are throwing in the towel," said Keith Springer from Capital Financial Advisory Services. | |
| "The biggest thing I see here is the incredible pessimism - the government is doing a lousy job of alleviating fears." | |
| Technology shares also fell on reports that a reorganisation is planned at Yahoo. | |
| The technology-based Nasdaq index fell 53.5 points, or 3.71%, to close at 1,387.7. | |
| The falls pick up from a tough week last week, when all the major indices fell by more than 6%. |