Friday, October 24, 2008

Rough Day for the Dow ?

From CNN:

A wave of anxiety about a global recession was set to reach the United States at Friday's Wall Street open, with limits imposed on futures trading after they fell more than 6%.

Futures followed the lead of plunging markets worldwide, with Japan's Nikkei index ending down 9.6%. European markets down almost as sharply, with major indexes down 8%in France and Germany and 7% in London.

Markets were down 14% in Moscow when the exchange there suspended trading until Tuesday.

"Today might be the day where everybody throws in the towel," said Peter Cardillo, chief market economist for Avalon Partners. "People are saying 'I've had it, I can't take it anymore, I'm selling everything.'"

Markets were so jittery early Friday that the New York Stock Exchange felt it was necessary to post a statement on its blog confirming that trading would open as normal at 9:30 a.m. ET, saying it felt it was necessary to answer widespread rumors that the open would be delayed.

The NYSE also posted updated details of so-called circuit breakers, which would halt trading for certain periods of time if the Dow Jones Industrial Average falls between more than 1,100 points during the trading day. It said it was posting that information with "the fervent hope we won't need them."


it will be interesting to see what happens as the opening bell goes off in 26 mins.

people are definitely concerned about economics, i know that i am ... and for me, it has nothing to do with losing "big bucks" on wall street ....

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