Stocks Drop Around the World; Stoxx 600 Falls to 6-Year Low

Lynn Thomasson
Bloomberg News
Friday, February 20, 2009

Feb. 20 (Bloomberg) — Stocks tumbled around the world, sending the Standard & Poor’s 500 Index to its biggest weekly drop since November, on concern the deepening recession will force banks to seek more government aid. Europe’s Dow Jones Stoxx 600 Index slid to a six-year low, and Japan’s Topix Index declined to the worst level since 1984.

Treasuries rallied and gold climbed above $1,000 an ounce.

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Citigroup Inc. and Bank of America Corp. lost more than 16 percent on concern that the U.S. may take over both banks, which combined received $90 billion in government aid in four months. Anglo American Plc decreased 19 percent as the mining company suspended its dividend and share buybacks. Bridgestone Corp., the world’s largest tiremaker, fell 7.4 percent after saying profit will slide 71 percent this year.

The MSCI World Index sank for a ninth straight day, retreating 2.6 percent to 769.46 at 11:37 a.m. in New York. The index of 23 developed countries has lost 8 percent this week.  

Full story here.

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