Financial Times FT.com

US stocks reach grim milestone

By Alistair Gray in New York

Published: November 20 2008 13:58 | Last updated: November 20 2008 23:12

More than a decade of growth has been wiped from US stocks after mounting fears over the health of the economy and financial system on Thursday pushed the market to levels not seen since 1997.

The grim milestone was passed after data showed new claims for unemployment benefits hit their highest since 1992, oil dropped beneath $50 a barrel and Citigroup continued its descent.

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