The Dow Jones closed yesterday at its lowest level since 1997, causing stock markets around the world to go into freefall.
Japan’s Nikkei Index plunged 1.5 per cent, and the German DAX indexopened down nearly one per cent.
The first horror reports came from Frankfurt yesterday. For the first time in more than four years, the Deutsche Aktien Index (DAX) has fallen under 4,000 points.
It closed on Monday at 3936.45 points – a drop of 1.95 per cent and the lowest it has been in four years.
“The negative US shares were the triggers,” said a broker. Shares in car companies suffered the most dramatic drops.
Uncertainty over President Barack Obama’s steps to help the financial crisis is affecting the US market.
And the situation is getting worse on Wall Street.
In New York, the Dow Jones fell by 3.14 per cent to 7114.78 points. After it had crashed to its lowest point since October 1997, the Nikkei Index also began to plunge.
It fell 107.6 points, or 1.46 per cent, to 7268.56 points. TOPIX suffered a loss of 5.00 points or 0.68 per cent, finishing at 730.28 points.
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