Mortgage concerns hit US markets
Friday, 10 August 2007
US share indexes tumbled amid fears that a wobble in the mortgage market may prompt a global credit crunch, reports BBC.
The Dow Jones fell 199.24 points, or 1.5 per cent, to 13,458.62. The S&P shed 1.7 per cent to 1,472.42, and the Nasdaq lost 1.4 per cent to 2,576.48.
European indexes slumped earlier after the European Central Bank said it was pumping money into the banking market.
Analysts said that the markets would remain volatile in the near future.
The declines in the US came despite attempts by President George W Bush to calm market fears.
Shares have swung wildly on fears that the crisis in the sub-prime lending market will cause a credit squeeze.
The Dow Jones fell 199.24 points, or 1.5 per cent, to 13,458.62. The S&P shed 1.7 per cent to 1,472.42, and the Nasdaq lost 1.4 per cent to 2,576.48.
European indexes slumped earlier after the European Central Bank said it was pumping money into the banking market.
Analysts said that the markets would remain volatile in the near future.
The declines in the US came despite attempts by President George W Bush to calm market fears.
Shares have swung wildly on fears that the crisis in the sub-prime lending market will cause a credit squeeze.