Market follows US down slippery slope

The sharemarket fell more than 2 per cent - its biggest one-day fall since September 2001 - after heavy falls on global markets.
The ASX 200 fell 118.3 points, or 2.35 per cent, to 4907.2 while the All Ordinaries fell 113.4 points, or 2.27 per cent, to 4878.5. The ASX 200 has fallen 8.5 per cent since its record high on May 11.
The Dow Jones index fell below 11,000 points amid concerns about the US economy and higher interest rates.
Shaw Stockbroking dealer Jamie Spiteri said the market had shown no resistance to falling below the psychological 5000-points barrier.
"The weakness in the market has been more and more evident as the day has gone on," he said. "Anticipated weakness in other major markets has contributed to a further free fall here this afternoon."
Mining stocks were hit hard. BHP Billiton fell $1.30, or 4.67 per cent, to $26.55, despite announcing it would go ahead with an oil and gas development in the Gulf of Mexico.
Rio Tinto fell $3.50, or 4.53 per cent, to $73.72, Zinifex fell 77c, or 7 per cent, to $10.13 and Alumina fell 19c to $6.57.
Banks were also lower. NAB fell 98c to $33.87, ANZ 62c to $25.63, Westpac 35c to $21.95 and CBA 97c to $42.10.
PBL fell 59c to $17.85, John Fairfax fell 1c to $3.77 and the Seven Network fell 20c to $8.29.
Wridgways Australia rose 17.5c, or 14.9 per cent, to $1.35. The removalist expects to report a 45 per cent leap in net profit this year.
Coalmine engineer Sedgman opened at $1.40, 40c above its issue price, after an oversubscribed $40 million capital raising. It closed at $1.30.
Telstra slipped 7c to $3.73.
Among gold stocks, Newcrest Mining fell 73c to $19.65 and Lihir Gold fell 20c to $2.85.