Dow Slides Below 7,000 for First Time in Twelve Years
THE TELEGRAPH: The Dow Jones below 7,000 for the first time in twelve years on Monday after American International Group posted the largest quarterly loss in US corporate history.

he blue chip index fell 144.8 - or 2pc - to 6918 points within minutes of opening after AIG reported a $61.7bn (£44bn) fourth-quarter loss and the US government said it would give the insurer another $30bn in loans.

This is in addition to the $150bn it has already given the ailing insurer.
Wall Street's concerns about how governments around the world will fix the financial system and global economy have sent stocks to their lowest levels in 12 years.

The Dow Jones industrial average has dropped for six consecutive months, and is worth less than half of its October 2007 record high of 14,164.53.

Investors were also worried about European financial companies.

HSBC, Europe's largest bank by market value, on Monday reported a 70pc drop in 2008 net profit and said it needs to raise £12.5bn and cut 6,100 jobs in the US. >>> By Telegraph Staff | Monday, March 2, 2009

LE FIGARO: La Bourse de Paris chute et retrouve son niveau de 2003

Le CAC 40 clôture en baisse de 4,48% et rejoint son plus bas niveau depuis 6 ans. L'état de santé de l'économie américaine, après la publication d'un PIB décevant, préoccupe les investisseurs.

Journée ordinaire de chute des indices à Paris. Le CAC 40 clôture en forte baisse de 4,48% à 2581 points, plombé par les valeurs financières, dans le rouge vif suite à l'augmentation de capital de la banque HSBC et après l'annonce de résultats jugés décevants. L'indice n'est désormais plus très loin de ses plus bas de mars 2003, lorsque le CAC (analyse technique) flirtait avec les 2400 points. >>> T Dong | Lundi 02 Mars 2009

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US Economy Shrank at Faster Rate in Fourth Quarter
REUTERS: WASHINGTON - The U.S. economy contracted at its sharpest rate since early 1982 in the fourth quarter, revised data showed on Friday, as exports plunged and consumers cut spending by the most in more than 28 years.

The Commerce Department said gross domestic product, which measures the total output of goods and services within U.S. borders, shrank at a revised annual rate of 6.2 percent in the October-December quarter, much steeper than the 3.8 percent fall estimated last month.

The weaker GDP estimate reflected downward revisions to inventories and exports by the department.

U.S. stock index futures extended losses after the report, and the dollar fell against the yen. U.S. government debt prices were steady at higher levels.

"It's just doom all over. There's nothing good to take away from this report. I think there's a few more bad quarters to come," said Boris Schlossberg, director of currency research at GFT Forex in New York.

Prospects for the first quarter are equally bleak with data so far pointing to an acceleration in the economic downturn, now in its 14th month. >>> By Lucia Mutikani | Friday, February 27, 2009

THE GUARDIAN:
US Economy Shrinks at Worst Pace in 25 Years: Dow plunges over 100 points in early trading as commerce department says US gross domestic contracted at 6.25% >>> Daniel Nasaw in Washington | Friday, February 27, 2009

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