Wall Street shares fall sharply

Shares on Wall Street fell sharply overnight as worries over the financial sector persisted.

The Dow Jones industrial index plunged 241.81 points to 11,386.25.

This was its biggest fall for more than a month.

The S&P 500 index fell 25.36 points to 1,266.84.

And the NASDAQ composite index lost 49.12 points to close at 2,365.59.

Oil futures rose 80 US cents to $US115.39 a barrel.

These results, from the first day of trading in the new US week, were the first point losses in four days of trading.

All 30 sectors in the Dow Jones index finished in the red.

The $A was trading at 86.76 US cents a short time ago.

More American families are now losing their homes, as their mortgage holders foreclose.

This has increased home sales figures in the US.

But it has depressed home prices.

One analyst predicted that there will be no rebound in US house prices until well into 2009.