Tel Aviv stock exchange drops sharply

The Tel Aviv Stock Exchange opened sharply down, reacting to the financial crisis in the United States.

The exchange plummeted Monday morning after the U.S. investment bank Lehman Brothers announced it would file for bankruptcy. The drop, echoing markets around the world, follows smaller losses after last week’s U.S. governmental takeover of mortgage banks Freddie Mac and Fannie Mae.

Both the TA-25 and TA-100 indices dropped more than 2 percent.

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