US markets enter bear territory
By James Quinn, Wall Street Correspondent
Leading US indices closed in firm bear market territory for the first time in the current downturn as oil prices soared above $144 and General Motors faced further questions over its liquidity.
The benchmark Dow Jones Industrial Average closed down 166.75 points at 11,215.51, some 20pc below its October 2007 high – the classic definition of a bear market being a 20pc fall from its peak.
Likewise, the technology-focused Nasdaq index fell 53.31 points to 2,251.46 to enter its own bear market.
The markets were also weighed down by GM, one of the Dow’s 30 constituents, whose shares dipped below the $10-mark for the first time since 1954, down 15.1pc at the close at $9.98.
The slump was caused by Merrill Lynch analyst John Murphy who said GM needed to raise up to $15bn (£7.56bn) to get through this year and next. GM insisted it has enough cash to get through 2008, and can sell assets and make other moves in 2009.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/07/03/cnbourse103.xml
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