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US stocks plunge on nationalization fears
US stocks have plunged deeper into six-year lows on rumors of bank nationalization which the Obama administration moved to quash. On Friday, Dow Jones Industrial Average fell 100.28 points (1.34 percent) to 7,365.67 after a sharp sell-off Thursday. The tech-dominated Nasdaq dropped 1.59 points (0.11 percent) to 1,441.23 and the broad-market Standard & Poor's 500 index shed 8.89 points (1.14 percent) to 770.05. The stock market was down more than three percent before rallying in late trading as fears for the banking system eased. Citigroup was down 22.31 percent to 1.95 dollars and Bank of America fell by 3.56 percent to 3.79 dollars. JPMorgan Chase lost 3.40 percent to 19.90 dollars and Wells Fargo down 9.16 percent to 10.91 dollars. General Electric, which recently reported lower profit, fell 6.76 percent to 9.38 dollars. The yield on the 10-year US Treasury bond fell to 2.772 percent from 2.857 percent on Thursday while that on the 30-year bond dropped to 3.565 percent from 3.688 percent. Bond yields and prices move in opposite directions. Posted by: Fred 2009-02-21 |
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