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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 | ContinuedE.U. Stocks Slide as ECB Gears Up to Fight Inflation with Higher Rates
European stocks were gutted yesterday (Thursday) as banks took heavy losses in the face of more hawkish inflation comments from European Central Bank (ECB) President Jean-Claude Trichet that put pressure on already struggling financials.
The Dow Jones Stoxx 600 closed down 2.6% to 288.48, the worst finish for the Eurozone index since October 2005. The FTSEurofirst 300 had a 2.5% drop, to close at 1,197.02 points, its largest one-day percentage drop since mid-March, Reuters reported.
Regional indices faired the same, as the Paris-based CAC40, London’s FTSE 100, Madrid’s IBEX 35 and the Frankfurt-based DAX all posted declines.
“Overall, there is unprecedented confusion as investors seek…
29Jun2008 | Money Morning | Comments Off | Continued
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