Wall St falls on Citigroup, profit worries
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Market meltdown
US stocks tumbled this morning in the worst two-day slide in more than a month as investors worried about the outlook for embattled bank Citigroup and expectations mounted for dismal fourth-quarter earnings.
The prospect of more financial sector losses stemming from the credit crisis pulled Citigroup stock down about 17 percent. The S&P Financial index.GSPF fell 5.7 percent.
Alcoa Inc, which will start the earnings season with results after the closing bell, fell about 7 percent after being downgraded to "sell" by Deutsche Bank.
The Dow Jones industrial average slipped 125.45 points, or 1.46 percent, at 8,473.73. The Standard & Poor's 500 Index shed 20.10 points, or 2.26 percent, at 870.25. The Nasdaq Composite Index lost 32.80 points, or 2.09 percent, at 1,538.79.
- Reuters
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