The Australian share market gave up some of its recent gains Thursday as investors waited for the promised billion-dollar Wall Street bailout.
The ASX 200 fell 54 points, or 1 per cent, to 4,972.
The market was dragged down by resources stocks, on fears that a global recession will crimp demand for leading exports like coal and iron ore. BHP Billiton, the world's biggest mining company, was down 4 per cent.
Analysts said sentiment was puffed up by news that US billionaire Warren Buffett, reputedly the world's savviest investor, would pick up investment bank Goldman Sachs stock worth 5 billion US dollars.
"A lot of people sit up when they see Warren Buffett invest significant chunks of money," ABN Amro Morgans analyst Trent Muller said. "He has a very good track record of investing in stocks at the right time."

The Singapore Exchange Limited (SGX) Tuesday said its derivatives and Exchange Traded Funds (ETF) markets set new trading records last year with volume surging to
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