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US STOCK WOES: Traders work in the New York Stock Exchange as Barack Obama takes oath as US President.

US STOCK WOES: Traders work in the New York Stock Exchange as Barack Obama takes oath as US President.

Obama becomes Prez, US stocks crash on bank woes

Global stocks plunged and bond prices fell on Tuesday as fears about a deep recession and a battered financial sector gave President Barack Obama a sobering welcome on his first day in office. The benchmark S&P 500 and Nasdaq market both fell more than five per cent as equity prices crashed through key support levels holding Wall Street back from testing lows set in late November, the nadir so far of the bear market.

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