The Dow industrials closed down 362.14, or 2.6%, at 13567.87, slammed by fresh credit worries a day after the Fed rate cut. The financial sector led the selloff, with Citigroup down nearly 7% and J.P. Morgan and AIG each off 6%. Exxon Mobil's shares slid 3% after its below-forecast earnings. The Nasdaq ended the day 2.25% lower, and the S&P fell 2.6%, its worst day since early August. Oil fell more than $1 a barrel.
In spite of HK banks cutting interest rate, the HK market followed the US by dropping 1,024 points to 30,468 just managing to hold on above 30,000. Turnover was not particularly high at HK$154 billion.
Asian markets fell sharply, as investors digested fresh evidence of a weakening U.S. economy and the prospect that they can't count on further support from the Federal Reserve.
Market Indices
Australia All Ordinaries 6726.70 - 1.85%
Bombay Sensex* 19960.68 + 1.20%
Hong Kong Hang Seng 30468.34 - 3.25%
Japan Nikkei 16517.48 - 2.09%
Shanghai Composite 5777.80 - 2.31%
Singapore STI 3715.32 - 2.32%
South Korea Composite 2019.34 - 2.12%
Taiwan Weighted 9273.09 - 3.39%
*Intraday trade
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