The market is down 56. Financials down 2.2% with further credit crisis concerns in the US. Industrials down 2.1%. Resources holding up - only down 0.1%.Dow down 131. & #160;Down all session - down 166 at worst. All ten sectors down - 78% of S & #38;P companies down. S & #38;P500 down - the first time in four days. Dow at a three month low. Fifth Third Bancorp (Ohio's second largest bank)announced it will raise & #36;1bn in new capital, sell & #36;1bn in assets and cut its quarterly dividend by 66% to shore up its balance sheet - comes the day after Goldmans said that US banks still need to raise & #36;65bn in new capital. The S & #38;P500 Regional Banks Index had its biggest drop ever and Fifth Third Bancorp had its biggest one-day fall in 28 years. Financials down 1.2%- down 2.5% at worst - hitting their lowest levels since 2003. Talk of Lehmansbeing forced into a sale. Goldman Sachswas one of the few financial stocks to rise after positive research post yesterday's results. S & #38;P500 earnings fell 19% on average in the 1st Q- the third straight quarter of lower profits - the longest stretch of declines since 2002. FedEx'searnings missed expectations and issued an ugly outlook for the US economy. Tech stocks down - Nasdaq down 1.1%.BHP down 0.38% in ADR form overnight, RIO up 1.45%. BHP down 17c to 4515c. RIO down 97c to 13918c.Metals mostly up - Zinc up a big 6%, Nickel down 5.2% and Copper up 1.8%. Aluminium up 1.8%. Zinifex up ...
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