US shares plunge on fears of Dubai crisis

| 27/11/2009

(Times Online): US shares plunged by over 200 points today as investors took fright at the unfolding debt crisis in Dubai. It is the first time American investors have been able to react to Dubai’s mounting financial problems after markets were closed yesterday for Thanksgiving. The Dow Jones industrial average plunged by 2 per cent, down 217.58 points to 10,246.82 within seconds of opening. In London, shares remained in positive territory, despite a sharp 80 point fall at the beginning of the day, and rose 29.38 points to 5,223.5. There are fears that companies, banks in particular, are exposed to the Emirate after the Dubai government announced earlier this week it would ask creditors of Dubai World, the state-owned conglomerate, for a six-month standstill on its debt repayments.

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