Citigroup plunged to a 13 year low: Wall Street crumbles

Citigroup (NYSE:C) shares plunged today and by lunch time on Wall Street they had fallen 12 percent or $7.33 its lowest level since 1995. The fall comes as fears mount that the ailing bank will continue to lose billions in the coming months as bad debts rise.

Wall Street stocks took a battering with Citigroup being the biggest loser of the day following two Federal Government reports signaling that the American economy is deteriorating much faster and with much more impact than first thought.

Citigroup was the biggest bank in the world by market value and just over a year ago had a market value of $250 billion but today (November 18) plunged at midday trade to $42.5 billion, and now ranks fifth behind US Bancorp the Minneapolis-based regional lender.

The Dow Jones Industrial Average tumbled 5.08 percent or 427.63 to close at 7997.12.

The broad Standard & Poor’s 500 index falling back 51.86 points or 6.04 percent. November 18.

Source: theaustralian