Thursday, October 09, 2008

The great crash of 2008

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The world’s central banks tried to jump-start investors’ confidence today with coordinated interest rate cuts. On Wall Street, it looked like the move was doing the trick late in the day -- until the final 30 minutes of trading. The Dow Jones industrials had been up as much as 150 points going into the final half hour, then abruptly gave it all up and closed down 189.01 points, or 2%, to 9,258.10. Broader indexes also lost between 1% and 2%. It was the market's sixth straight loss, and left the Dow off 34.6% from its record high reached a year ago this week. Still, the action today was dramatically improved from the previous two sessions. The Dow was off 370 points Monday and 508 points Tuesday.
And Wall Street fared much better than Europe, where most market indexes plunged between 5% and 7% today despite the rate cut announcement. On the New York Stock Exchange, 749 stocks rose and 2,457 fell. That’s lousy, except when compared with Tuesday’s sell-off, when just 387 issues rose while 2,879 fell. On Monday, a mere 248 stocks were up. Some stocks today sparked genuine enthusiasm: Agricultural products giant Monsanto Co. reported a fiscal fourth-quarter loss, which was expected (it’s a seasonal issue). But the company said it expected fiscal 2009 earnings to be up 15% to 20% and that its farmer customers weren’t reporting trouble getting credit. Monsanto’s shares surged $7.26, or 9.8%, to $81.44. Among blue chips, battered General Electric Co. sank as low as $19.90 but finished at $20.65, up 35 cents. The overnight rate the company was offering on commercial paper was 1.25%, down from 1.90% on Tuesday, Bloomberg News reported. That hinted at some improvement in the credit markets. But other key short-term rates continued to climb, despite the central banks’ rate cuts. The three-month dollar Libor loan rate (short for London interbank offered rate) rose to 4.52% from 4.32% on Tuesday. If there’s to be a noticeable turn in confidence, "We’ll see it first in the credit markets and then in the equity markets," said Marshall Front, chairman of money manager Front Barnett Associates in Chicago. One other encouraging signal from the credit side: Massachusetts was able to sell $750 million in short-term tax-free notes today, a sign that investors were returning to the municipal debt market. That could bode well for California, which plans to tap the muni market for $4 billion in short-term funding next week. Meanwhile, oil prices looked for direction as traders weighed fears that a world recession will crimp demand against speculation that OPEC may cut output to keep prices from falling too far. Light, sweet crude rose 14 cents to $89.09 per barrel on the New York Mercantile Exchange. Declining issues outnumbered advancers by about 3 to 1 on the New York Stock Exchange, where volume came to 386.7 million shares. The Russell 2000 index of smaller companies fell 6.77, or 1.24 percent, to 539.80. In Asia, Japan's Nikkei 225 closed down 0.50 percent while the Hang Seng added 3.31 percent. In afternoon trading, European bourses advanced, with Britain's FTSE-100 up 1.65 percent, Germany's DAX up 0.86 percent, and France's CAC-40 up 0.34 percent. On the Net: * New York Stock Exchange: http://www.nyse.com * Nasdaq Stock Market: http://www.nasdaq.com

London Stock Exchange trading derailed by computer crash on frenzied ...
Trading on the London Stock Exchange has been halted after a computer fault. ... Alongside the rally in the FTSE 100 and in stock markets in Germany, France, and Italy ...
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Stock market has crashed; major mortgage companies have filed for ...
Bush says if you can look beyond this, our economy… ... Stock market has crashed; major mortgage companies have filed for bankruptcy...?
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rediff.com: Why did the stock market crash?
B lack Monday saw bloodbath on Dalal Street as the Indian stock markets crashed by over 1430 points in afternoon trade (the market has since then recovered somewhat), reminding ...
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The rouble has tumbled, the stock market has crashed, and investors ...
Moscow caught in a bear hug ... The rouble has tumbled, the stock market has crashed, and investors have pulled $25bn
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^DJI: Basic Chart for Dow Jones Industrial Average - Yahoo! Finance
Customize the date range from 1 day, 5-day, 1-month, 3-month, 5-month or more. Perform chart performance comparison with other stocks or market indices.
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Financial crisis brings global cooperation as everyone scrambles
Russia's stock market has crashed and shut down at least until Friday, an event that ordinarily would prompt front-page headlines by itself. Now it's a footnote in the wider emergency. All this explains yesterday's belated attempt by world authorities ...
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Source: Baltimore Sun
NewsDateTime: 4 hours ago

Fear Trumps Greed as Market Woes Paralyze Economies (Update1)
The fear that has frozen credit markets means Ellen Logan can't sell her Chicago-area condominium. In Los Angeles ... quick end to the crisis, says 94-year-old Seth Glickenhaus , who was a messenger at Salomon Brothers when the stock market crashed on ...
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Source: Bloomberg
NewsDateTime: 6 hours ago

Government Made the Mess
As for the stock market crash fear, it crashed in 1974 and 1987, and there was not any Great Depression ... None of this has ever really been explained. When pressed, they go back to stock phrases, referring to "systemic risk" that really mean one ...
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Source: Street.Com
NewsDateTime: 10/3/2008

Retirement advocacy group supports Liberal proposal to change RRIF ...
But pensioners have lost significant value in their retirement portfolios as the stock markets have crashed. The Toronto Stock Exchange has ... CARP has been on the record suggesting that they do this permanently, not just in a market downturn," said ...
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Source: 680 News
NewsDateTime: 41 minutes ago

Congressman Jim Moran's News Commentary
... came into my office and those of my colleagues--so many that House websites crashed ... Small businesses are being refused the necessary short term credit to stock the ... As of this writing, the Federal Reserve has taken some of the funding in the ...
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Source: Falls Church News-Press
NewsDateTime: 5 hours ago


One other encouraging signal from the credit side: Massachusetts was able to sell $750 million in short-term tax-free notes today, a sign that investors were returning to the municipal debt market. That could bode well for California, which plans to tap the muni market for $4 billion in short-term funding next week. Tonight's town hall style debate is moderated by Tom Brokaw of NBC News. Brokaw will ask six or seven of the more than 6 million questions submitted over the Internet.


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Published on: 9/19/2008 1:17:12 PM
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