US shares plunged to fresh five-year lows overnight.
Posted by Cassandra Parker on October 10, 2008
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.
This entry was posted on October 10, 2008 at 1:30 am and is filed under personal finance, stock. Tagged: share market fall, stock. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
xgenesis007 said
This article is very much informative. The Federal government’s hefty bail out seemed to just calm the market but I think with what data you have it seems that the issues are still coming. Do you have any insights regarding this?
Steven C. said
Nice blog. Keep up the good work!
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Cassandra Parker said
Thank you for commenting. If you have any personal suggestion please feel free to mail me your valuable opinion at parker21st @ gmail.com or parker21st @ yahoo.com
Thank you
Ian Bourne said
Has anyone related Robert Kiyosaki’s “Prophecy” to what is going on? Did he not warn everyone this was coming about 4 years ago?
xgenesis007 said
So what happened to the bailout? I think there is recession already. One question though, why is it not of a buzz in the middle east? Are they not affected by this meltdown? Any opinions on this parker21st?
Cassandra Parker said
@Xgenesis007
First of all, you can call me Cassandra.
Well, everyone is affected with this melt down. Mostly those depending on US economy. I mean those countries whose economy is pumped by US marketers or shareholders.
Others are not facing that much economic turmoil YET. As an example one may cite the example of yen’s incremented value. But they will soon start facing problem as the prices will rise irrespective of country or territory. Then capitalism will bite them back.
You may be astonished to hear what Iran is saying:
“We are very happy that America’s economy is in jeopardy and they are paying the price for their misdeeds. God is punishing them.”
Then again as I have already mentioned, an economist has expressed his thought in this regard:
“The direct impact of this financial crisis in the US for the Iranian people, could actually be more than for the American people.”
We all can wait and watch what’s gonna happen in next few months.
May God bless us
Cassandra Parker said
@Ian Bourne
I’ll be very glad if you may provide the link of that book’s preview. Or you may want to tell us what’s interesting about the book in a nut shell. I’m sure my reader will greatly appreciate that along with me.