Original source
The sharemarket has shed $35 billion in the biggest one-day loss in nine months as the strong surge of 2013 came to an abrupt end.
The benchmark S&P/ASX200 closed at the day’s low, down 118.6 points, or 2.3 per cent, to 4980.1, while the broader All Ordinaries dropped 115.8 points, or 2.3 per cent, to 4998.6.
All sectors finished lower, contributing to the biggest sell-off since May last year, with energy stocks slumping 4.6 per cent, materials sliding 3.4 per cent and financials falling 2.4 per cent.
‘‘I’m not overly alarmed, this is probably a healthy break for the market after a strong run,’’ said Mike Kendall, executive director JBWere.
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‘‘Pretty much everyone knows that things just won’t go up in a straight line,’’ he said.
Another factor contributing to the sell-off was comments from the US Federal Reserve which, citing a risk of inflation, hinted at the winding back of its quantitative easing program.
Miners suffered heavy losses, with BHP falling 3.8 per cent to $37.17, Rio Tinto sliding 3 per cent to $67.30 and Fortescue Metals dropping 2.4 per cent to $4.80.
Read more: http://www.smh.com.au/business/markets/heavy-losses-see-35b-wiped-off-market-20130221-2esvo.html#ixzz2LVpY4HBa
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