America enters bear market territory as the Dow crashes
Tom Bawden in New York
America officially entered a bear market last night, for the first time in six years, as the oil price hit a new record high.
The Dow Jones lost 166.75 points, or 1.5 per cent, to close at 11,215.51, bringing its decline since its peak last October to 20.8 per cent. A market is said to have entered bear territory when it has fallen by a fifth from its previous high.