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World Markets Plunge on Recession Fears
Equity markets around the world nosedived today (Friday) as fears of a global recession intensified.
At noon ET today, the blue-chip Dow Jones Industrial Average Index had plunged 267.46 points (-3.08%), to trade at 8,423.79. The tech-laden Nasdaq Composite Index shed 34.67 points (-2.16%), to reach 1,569.24. And the broader Standard & Poor’s 500 Index dropped 28.63 points (-3.15%), to hit 879.48.
The S&P 500 is 45% down from its peak.
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“It’s a bear market on steroids,” David King, a money manager at Putnam…
27Oct2008 | Money Morning | Comments Off | ContinuedU.K. Unveils Its Own Banking Bailout Package
The U.K. government yesterday (Wednesday) announced its own banking bailout package with an $87 billion (50 billion pound) recapitalization plan for the ailing British financial sector.
“The global market has ceased to function,” British Prime Minister Gordon Brown said yesterday at a press conference in London. “The banking system must be sounder, and that is why we are putting the capital in.”
Under the plan, the U.K. Treasury will provide $43.5 billion (25 billion pounds) to recapitalize banks and boost their Tier 1 capital ratio. A bank’s Tier 1 capital ratio is a key indicator of the firm’s financial strength. An additional $43.5 billion…
10Oct2008 | Money Morning | Comments Off | Continued
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