DOW slides last night as Merrill's analyst changes the recommendation on General Motors from buy to "underperform" and warns that "bankruptcy to the company is not impossible". GM share price slumped 15% in respond to the statement and so as DOW. Also there was a biggest decline on steel shares in US as falling demand for autos is believed to have negative impact on the demand for steel.
Also, the oil price surges to record above US$143 a barrel last night as inventories unexpectedly dropped. The US market have fallen by 20% threshold from its peak in Nov07 which signals a bear market.
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