Tuesday, January 22, 2008

Economy: Spanish stock market drops to its lowest for 20 years

The Spanish stock market experienced its worst fall since 1987 with a drop of 7.54 percent, placing Ibex-35, Spain's main stock market index, at 12,625 points.

Monday's fall meant that for the first time since 2006, the market closed below the 13,000 points. It reached a historic high two months ago at 15,945 points.

The fall is blamed on persisting signs of a weakening US economy.