Australian Stock Market Report –Afternoon 2/21/2013
Local stocks suffered their biggest fall since May 2012 today, slumping by more than two percent as investors booked profits following the recent rally. The All Ordinaries Index (XAO) fell 115.8pts or 2.3pct to 4998.6pts. The ASX/200 (XJO) also dropped below 5000pts, easing by 118.6pts or 2.3pct to 4980.1pts.
Overnight, US share markets fell as the slide in commodity prices weighed on mining and energy stocks. Unconfirmed rumours surfaced that a large US based commodity hedge fund was in trouble and was behind the sharp slide in commodity prices. At the close of trade, the Dow Jones was down 108pts or 0.8pct. The S&P 500 index was down by 1.2pct while the Nasdaq lost 49pts or 1.5pct.
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