Click to play videoNew Delhi: US markets opened in the red on Tuesday after a major rout on Wall Street on Monday that carried over into Asia Tuesday as doubts over US President Barack Obama's plans to rescue ailing banks pushed markets to crisis lows.
The Dow opened down by 250 points but recovered to trade in green.
CNN's Carter Evans reports from the Wall Street.
"Stocks dropped down from yesterday's lows. Investors really hoping that President Obama's Congress address today (Tuesday) is going to bear fruit but this is after today's huge losses. The Dow and S&P ended at their lowest level since 1997 and investor confidence is so low that there is still big concern about the economy specially in banking, auto and tech sectors," reports Evans.
"We're hearing this word lately, nationalisation. It's a dirty word here in Wall Street and its been used a lot in conjunction with Citi Bank. Of course the government is in discussions with Citi Bank to buy as much of 40 per cent of Citigroup's common stock bank executives. But anyway you look at it people are saying its Nationalization and its going to give the govt its biggest ownership of a financial institution after the bail out of AIGm" Evans says.
Share prices were down across the board in Asia on Tuesday, while Europe markets also opened lower after key US indices tumbled to levels not seen in nearly 12 years.
The Dow Jones Industrial average lost 3.4 per cent, ending at its weakest point since May 1997, while the S&P 500 hit its lowest since April of the same year.
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