21 Apr 2009

Wall Street sinks

9:00 am on 21 April 2009

Stocks in the United Staters slid by more than 3% on Monday after weak results from Bank of America reignited concerns over the state of the banking industry.

The fall followed a six-week winning streak.

Shares in Bank of America fell 24.3$ to $8.02 despite a rise in profits after the company said its credit quality deteriorated markedly.

The Dow Jones industrial average dropped 289.60 points, or 3.56%, to 7,841.73.

Standard & Poor's 500 Index tumbled 37.21 points, or 4.28%, to 832.39. The Nasdaq Composite Index fell 64.86 points, or 3.88%, to 1,608.21.

The KBW bank index fell 15.4%.

Trading was active on the New York Stock Exchange, with about 1.76 billion shares changing hands - above last year's estimated daily average of 1.49 billion.

About 3.07 billion shares were traded on the Nasdaq - well above last year's daily average of 2.28 billion.