The kiwi may rise this week on speculation the Federal Reserve will introduce a third round of asset purchases after a report showed US employers added fewer jobs last month than expected.

(9.30am market close) Turmoil in the auto industry and continued worry about the financial sector hammered stocks on Wall Street, further eroding the market's upswing of recent weeks.

The Dow Jones Industrial Average fell 254.16 points, or 3.3%, to 7522.02. All of its components declined. GM shares shed 25% to their lowest levels in decades.