General Electric shares sink to new lowsFebruary 21, 2009 - 8:29AM
Shares in conglomerate General Electric sank as much as 10 per cent on Friday - touching a new annual low, as investors continued selling stocks amid pessimism about the global economy.
The Fairfield, Connecticut-based company, a Dow component, was a top loser on Friday afternoon, hitting $8.98 at one point, its lowest level since 1995.
The conglomerate, which makes everything from locomotives to household appliances, recovered some ground later in the session, trading at $9.28, down 78 cents, or 7.8 per cent, from Friday's close.
The Dow Jones industrial average is sliding to a new six-year low. Financial stocks led the market lower as investors worry about the weakening banking industry and what the government is doing to stabilise it.
General Electric's stock has fallen nearly 38 per cent since the start of the year.
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