New York, NY – The U.S. stock market resumed its January swoon after Citigroup Inc. reported a record loss, retail sales unexpectedly dropped and falling oil prices dragged down energy shares.
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Citigroup, the largest U.S. bank, declined to a five-year low in New York Stock Exchange trading after cutting its dividend by 41 percent and writing off $18 billion for mortgage defaults. Exxon Mobil Corp., the biggest U.S. oil company, posted its steepest drop in seven weeks. Apple Inc. tumbled to the lowest in two months after new products introduced at the Macworld show failed to impress investors.
The Dow Jones Industrial Average, which had its biggest gain of the year yesterday, slid 280 points to close at 12,498