Source: CCTV.com

03-03-2009 11:00

US and Europe stocks hit new multi-year lows on Monday, after AIG's record quarterly loss. The Dow Jones average fell 4 percent, or 300 points, to close under the 7,000 mark.

US and Europe stocks hit new multi-year lows on Monday, after AIG's record quarterly loss.
US and Europe stocks hit new multi-year lows on Monday, 
after AIG's record quarterly loss.

6,763 is the lowest close in nearly twelve years. The credit crisis and recession have slashed more than half the average's value since a record high of over 14,000 in October 2007. Traders in Europe saw stocks fall again on Tuesday, echoing sharp losses on Wall Street and Asia. The FTSE 100 plunged 5.33 percent to a 6-year low, and other markets in Europe also fell around 3 to 4 percent. Analysts say a recovery will also require signs of health among financial companies. But banks and insurance companies' losses are multiplying despite hundreds of billions of dollars in government help.

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Editor:Qin Yongjing