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Article: Australian Market Report of March 2: Refocus after Reporting Season
- Article from:
- abnnewswire.net
- Article date:
- March 2, 2009
- Author:
CopyrightCopyright 2009 ABN Newswire. (Hide copyright information)
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Stocks fell and the S&P 500 closed at a 12-year low on Friday, after the government said it will take a large stake in Citigroup's common shares, fanning fears it will increase its role in other major banks. The US economy contracted at a staggering 6.2 percent pace at the end of 2008, the worst showing in a quarter-century, as consumers and businesses ratcheted back spending, plunging the country deeper into recession.
The Australian stocks closed Friday with little change after falls from early highs. The benchmark S&P/ASX200 index declined one point, or 0.03 per cent, to 3344.5, while the broader All Ordinaries fell half a point, or 0.02 per cent, to 3296.9. With the reporting seasons ...