THE TELEGRAPH: America's leading Dow Jones Industrial Average touched a new bear-market low last night as investor concern that a number of major banks may be nationalised reached fever-pitch and sent banking shares to 17-year-lows.
The Dow Jones index touched a new low for the current bear market following a number of near-misses earlier in the week, closing down 89.68 points – or 1.17pc – at 7,465.95. The closing level was some 87 points below the previous low in the current bear market – of 7552.29 on November 20.
The benchmark index was dragged down on fears over the solvency of a number of major banks, including Citigroup and Bank of America, both of which ended the day 14pc lower. The KBW banking sector index fell to its lowest level in 17 years as a result. >>> By James Quinn, Wall Street Correspondent | Friday, February 20, 2009
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