US stocks fell for a third day on Wednesday.
Citigroup Inc. and the S&P's 500 Financials Index slid to 12-year lows as the Treasury scrapped plans to buy mortgage assets and shifted focus to consumer credit. American Express Co. tumbled 10 percent on a report the company may need government aid. Best Buy, the largest electronics retailer, lost 8 percent after saying profit will decrease in "the most difficult climate we've ever seen." Occidental Petroleum Corp. dropped 11 percent as crude sank below $57 a barrel.
The S&P 500 dropped 5.2 percent to 852.3 and lost 8.5 percent over the past three days. The Dow Jones Industrial Average retreated 411.3 points, or 4.7 percent, to 8,282.66. The Nasdaq Composite Index lost 5.2 percent to 1,499.21, a five-year low.
Meanwhile, Russian shares sank sharply on Wednesday before trading was halted as investors digested lower oil prices, uncertainty over the rouble, and worries about the Kremlin�s interference in the economy.
The price of insuring Russian debt soared as credit market sentiment turned dramatically against Russia and some of its leading companies.
Russia�s RTS stock exchange index fell 12.5 per cent in the first three hours of the session before trading was suspended for the rest of the day.
(Bloomberg / Yahoo Business / Financial Times)
http://www.theyeshivaworld.com/article.php?p=25859
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