(RTTNews) - The Australian stock market was trading sharply lower Friday, at fresh four-and-a-half year lows, following a steep triple-digit loss on Wall Street overnight. At 8:11 p.m. ET, the benchmark S&P/ASX 200 index was losing 115 points or 3.44% to 3,238, after losing 4.19% on Thursday. The broader All Ordinaries index was falling 112 points or 3.36% to 3,221.

In the currency market, the Australian dollar opened weaker. The Aussie opened at US$0.6129-0.613, down from Thursday’s close of US$0.6350-0.6354.

On Wall Street, U.S. stocks ended Thursday’s session sharply lower, at ten-year lows, amid concerns over the rejection of a bailout plan for the ailing U.S. auto industry and disappointing labor report. The Dow closed down 445 points or 5.56% at 7,552, the Nasdaq lost 70 points or 5.07% to close at 1,316, and the S&P 500 fell 54 points or 6.71% to finish at 752.

On the economic front, the markets have very little reports to digest on Friday.

Among banking stocks, Commonwealth Bank of Australia fell 3.45%, and ANZ Banking Group dropped 4.15%, while National Australia Bank plunged 4.36%. Westpac fell 5.13%, and investment bank Macquarie Group lost 1.89%.

In the resources sector, index leader BHP Billiton dropped 3.60%, and Rio Tinto fell 4.45%. Gold miners were mixed, after gold closed higher on Thursday. Sino Gold climbed 7.14%, and Lihir Gold rose 2.77%, while Newcrest Mining fell 2.37%.

On Thursday, crude oil futures for December delivery were sharply lower, falling below the key technical support level of $50, fanning demand concerns amidst growing fears that the world may be on the verge of a slowdown not seen since the Great Depression. This marks the first time that the price of oil has closed below $50 a barrel since March of 2005. Oil has lost nearly $100 per barrel from the record $147.27 it touched in mid-July.

Oil closed down $4.00 at $49.62 a barrel on the New York Mercantile Exchange, after hitting an intraday low of $48.64 and a high of $53.30. In the Asian session Friday, crude was down $0.41 at $49.01 in electronic trading at 7:38 p.m. ET.

Among energy stocks, Oil Search plunged 7.10%, Santos fell 3.31%, and Woodside plummeted 7.86%.

In the retail sector, David Jones added 1.62%, and, Coles’ owner Wesfarmers advanced 1.65%, while giant retailer Woolworths fell 2.64%.

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Posted in Categories: Australia, Releases, Stocks, USA.

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