Citigroup cuts S&P 500 year-end target

Citigroup lowered its 2008 year-end targets for S&P 500 and Dow Jones Industrial Average by about 5 per cent due to the weak credit environment, and said a year's worth of tightening credit is only now being felt.

The brokerage cut its S&P 500 target to 1,475 and Dow Jones Industrial Average target to 13,250. "While global economic trends have been weakening, credit conditions continue to deteriorate and point to more bad news that may have not yet been discounted," the brokerage said.