This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7906899.stm
The article has changed 3 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| US shares at nearly 12-year low | US shares at nearly 12-year low |
| (about 1 hour 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 250.9 points, or 3.41%, at 7,114.8, its lowest since October 1997. | |
| But shares in the banks themselves rose sharply, with Citigroup up nearly 10% and Bank of America rising over 3%. | |
| 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. | "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." | "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. | 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 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%. | The falls pick up from a tough week last week, when all the major indices fell by more than 6%. |
| Earlier in the day, the FTSE 100 in London closed down 1%, the Cac 40 in Paris fell 0.8% and the Dax in Frankfurt fell 2% to close below 4,000 points for the first time since 2004. |