US stocks plunge on banking fears
21-01-2009
US stocks plunged as renewed fears about the global banking sector offset optimism surrounding the inauguration of Barack Obama as the 44th President of the United States. The Dow Jones Average slid 332 points, or 4 percent, to close at 7,949. The Nasdaq sank 5.7 percent. The Standard & Poor's 500 Index lost 5.2 percent. The carnage was concentrated in the financial sector with Citigroup sinking 19 percent on worries it may require a new bailout or nationalization. Bank of America lost 28 percent and JPMorgan Chase fell 20 percent.
