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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Wall Street sees fresh lows on financial turmoil AFP - Tuesday, March 3 NEW YORK (AFP) - - Renewed fears about the financial sector sent Wall Street indexes tumbling to fresh 12-year lows Monday after a new bailout announced for insurance giant AIG and big troubles for Britain's HSBC. ADVERTISEMENT The Dow Jones Industrial Average skidded 299.64 points (4.24 percent) to close at 6,763.29, its first close below 7,000 points and the weakest since April 1997. The broad-market Standard & Poor's 500 index sank 34.27 points (4.66 percent) to 700.82, its lowest close since late 1996. The Nasdaq fell 54.99 points (3.99 percent) to 1,322.85, capping a calamitous session for global markets. Market action came after the US government unveiled a fresh aid plan of 30 billion dollars for AIG to stave off collapse of the ailing insurance company as it revealed massive new losses. "The market doesn't like it because it shows how immersed the government has become in managing a controlled burn of this zombie organization that is considered too systemically important to die of natural causes," said Patrick O'Hare at Briefing.com. The new plan is the fourth for AIG, which was the world's biggest insurer before being hit with huge losses linked to the collapse of the US real estate market and the economic downturn. Robert Brusca at FAO Economics said the new government rescue is "a bid to bolster the battered insurer, but its plan will expose US taxpayers to more financial risk. The new deal, the government's fourth for AIG, represents a nearly complete reversal from the one first laid out in mid-September." Some said the plan was aimed at averting the kind of meltdown that followed the collapse of Wall Street giant Lehman Brothers last year, but others said it may be too late. "The risk now is that a global adverse feedback loop is forming: As financial market problems persist, further declines in employment and corporate profits lead to loan defaults, which damage banks' bottom lines," said Joseph Brusuelas at Economy.com. "The decline in equity prices for banks makes it more difficult to attract private capital and causes financial institutions to become more risk-averse and reluctant to lend." World markets were under heavy selling pressure after British banking giant HSBC said it was seeking a huge capital injection to survive the global economic crisis. HSBC revealed that it needs nearly 18 billion dollars of new capital to withstand the financial crisis and announced 6,100 job cuts after a profits collapse. The bank reported a 70 percent plunge in annual net profit last year and said it hoped to raise 12.5 billion pounds (17.8 billion dollars, 14.2 billion euros) in a record British rights issue. The market showed little reaction to news that US consumer spending rose 0.6 percent in January after six months of decline, driven by a surge in retail sales. Economist Sal Guatieri at BMO Capital Markets said battered US consumers got a boost from lower income taxes. "The surprisingly strong start to the year, though unlikely to be sustained in coming months, should cushion the economic downturn in the first quarter following the largest pullback since 1982," he said. Among key stocks, AIG ended unchanged at 42 cents in volatile trade as prospects for its survival improved despite the ongoing finance sector woes. Bank of America sank 8.1 percent to 3.63 dollars and JPMorgan Chase dropped 7.4 percent to 21.16 dollars, while Citigroup -- which restructured its bailout last week -- plunged 20 percent to 1.20 dollars. US bonds rallied as nervous investors made a flight to quality. The yield on the 10-year Treasury bond dropped to 2.919 percent from 3.041 percent Friday and that on the 30-year bond eased to 3.649 percent from 3.722 percent. Bond yields and prices move in opposite directions. Email Story IM Story Printable View Blog This Recommend this article Average (1 vote) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo Traders take a break in the snow in front of the New York Stock Exchange in New York City. Renewed fears about the financial sector sent Wall Street indexes tumbling to fresh 12-year lows Monday after a new bailout announced for insurance giant AIG and big troubles for Britain's HSBC. Most Popular – Top Stories Viewed US insurer AIG reports $61.7 bln loss in Q4 Prada and Cavalli give Milan the boot Stress, suicide: tough wounds for the US Army Guinea-Bissau's president 'assassinated' Supermodel Bundchen ties knot with football star Brady View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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