FXstreet.com (CÃ³rdoba) - The Q1 results of Bank of America didn't help Wall Street rally. Quite the opposite, made risk aversion return on concerns about the health of the financial system. Resurging fears on the economy. Only Chinese and Japanese markets ended today in the positive side. The rest of the world suffered severe losses.
The Dow Jones fell 3,56% to 7,841. The market got worried about the rise in credit losses. After the subprime and toxic assets the problem affecting banks now is the current economic environment with more unemployment and less income. Bank of America fall 24% dragging the rest of financial stocks.
Crude oil finished down almost 9%, closing at $45.88 (biggest loss in seven weeks). Stronger dollar, concern about the future and bigger inventories where to blame.
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