Dow Jones hits 5 year low and FTSE 100 ended down 4.8%

More bad news on the global debt markets indicates that the financial crisis is far from over, sending share prices on Wall Street and across the water in London tumbling.

Yesterday traders watched the value of mortgage backed securities on commercial property plunge too.

With Citigroup being the worse hit, shedding more than a fifth of its value as fears intensified about its exposure to commercial mortgage backed securities (CMBS) and other debts. The stock markets in London and New York saw the financial stocks taking the strongest battering.

The FTSE 100 industrial index closed down 4.8 percent at 4.005.69 while the Dow Jones fell 5.1 percent closing at 7,999.3 this is the lowest since 2003.

Now we all fear was the governments and central banks injection of trillions of dollars into the financial system enough to end the credit crisis?

Source: Independent

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