When I heard the news that Dow Jones Industrial Average dropped below 9,000 points for the first time in five years, I thought ‘what the..’.
Both the blue-chip Dow and broader Standard & Poor’s 500 tumbled more than 7 percent. The Dow has now lost more than 35 percent of its value since reaching all-time highs above 14,000 one year ago.
I could not help myself informing you this news as soon as I came to know.
“People have lost faith in everything,” Philip Orlando, the chief market strategist of Federated Investors Inc, told Bloomberg News. “We’re dealing with an investment community of atheists right now. Valuations no longer matter.”
Sources says approximately $69 billion has been wiped off the value of All Ordinaries stocks so far today, and $170 billion since last Friday’s close.
“We’ve seen the market fall below quite a psychological level today, being the 4000 barrier, which is pretty important for the market,” Mr. Lewis said.
“We might see some short-term positive bounces, but I think it’s going to be some time before we see any continuing strength back into the equity markets.”
Local indices falling below 4000 points in trading had been a psychological blow to investors.
The dollar rose against the Japanese currency to 99.62 yen from 99.20 yen on Wednesday. Increase of 0.42 yen. The dollar also rose against the euro to 73.54 euro cents from 73.33 euro cents.
You may read the full story. There is merely any sign of market improvement. It’s really a very bad time going on folks.
No one knows what’s gonna happen next. May God bless US.
