After falling nearly 700 points within the first 30 minutes of trading, the Dow Jones industrial average regained some ground, but continued to bounce between positive and negative territory. It is down about 5.8 percent, or 498 points around the noon hour. It fell below 8,000 briefly today for the first time since March 2003 after falling below 9,000 for the first time since June 2003 yesterday.
The broader Standard & Poor's 500 fell 6 percent and the tech-heavy Nasdaq fell 5 percent.
Wall Street is facing deepening fears about the financial crisis and its spillover to other parts of the economy. Traders have shrugged off drastic government efforts to address the problem, from a global rate cut to plans to buy bank's toxic mortgage debt. The Bush administration is now hammering out the final details of a plan that would allow the government to inject cash into banks in exchange for ownership stakes. Read Article Here.
No comments:
Post a Comment