Friday, February 27, 2009

U.S. economy plummets

U.S. economy plummets | Reuters:
"WASHINGTON (Reuters) - The U.S. economy suffered its deepest contraction since early 1982 in the fourth quarter, shrinking at a much worse-than-expected 6.2 percent annual rate as exports plunged and consumers slashed spending.

"The dour data and a move by the government that could boost its equity stake in Citigroup to as much as 36 percent hammered U.S. stocks to 12-year lows. The Dow Jones industrial average ended down 119.15 points at 7,052.93. Government bond prices fell, bruised by record issuance this week."

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