Weekly Market Outlook
The Dow lost 100 points, or 1.3% on Friday after an afternoon rally that peeked into positive territory fell away, with the Dow closing at 7365.67, less than 80 points above the October 2002 low.
Fears that major US banks would be nationalised saw shares in Citigroup plummet 22.31 per cent to close at $US1.95 and Bank of America dropped 3.56 per cent to close at $US3.79. Reassurance from the Obama administration helped it bounce off its lows but investors remained concerned over the future of Citigroup and Bank of America.
In Australia this week, the major releases will be skilled vacancies, the wage cost index and construction work done data on Wednesday, private capital expenditure and average weekly earnings on Thursday and private sector credit numbers on Friday.