The market has crashed and we are trapped inside it

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After treading in positive turf for part of the session, the Nasdaq Composite Index (RIXF) lapsed into the red, ending down 95.21 points at 1,645.12. Volume on the New York Stock Exchange topped 2 billion, and declining stocks outran those advancing 10 to 1. On the Nasdaq, nearly 1.4 billion shares traded, with decliners surpassing advancers nearly 5 to 1. In commodities trade, gold fell, with the contract for December delivery dropping $20 to end at $886.50 an ounce on the New York Mercantile Exchange. . Oil futures for November delivery fell $2.36 to $86.59 a barrel, its lowest closing level so far this year. Rate cuts The stock market's continued decline comes one day after the U.S. Federal Reserve, European Central Bank, Bank of England and other central banks made coordinated rate cuts. The moves seemed to make little impact on Wednesday with the Dow industrials dropping 189 points, the Nasdaq Composite falling 14 points and the S&P 500 shedding 11 points. "Despite the poor close, I do think we are finally at the point where the short-term downside risk is minimal. While the upside might take time to develop, recession, earnings and a credit crisis are discounted," said Marc Pado, U.S. market strategist at Miller Tabak. "The market could still go down another 10% or so from here just purely on momentum," according to Paul Nolte, director of investments at Hinsdale Associates. Hear Nolte. According to a report, the Treasury Department is considering a plan to take ownership stakes in many U.S. banks, both healthy and troubled, the New York Times reported, citing unnamed government officials. Treasury Secretary Henry Paulson said in a speech Wednesday that he has the authority to do so under the $700 billion bailout plan. Britain on Wednesday announced a similar plan, though no U.K. bank as yet has taken government cash. "If Paulson heeds the advice of [U.K. Prime Minister Gordon] Brown and [ Chancellor Alistair] Darling, the chances that the U.S. economy will be steered away from a deep recession extending through 2009 will be greatly improved," said economists at RDQ Economics. In a related note, the Fed late Wednesday said it's going to lend $37.8 billion in additional cash to American International Group Inc. (AIG) for domestic life insurance subsidiaries in return for investment grade fixed-income securities. Stock futures had held an early advance after the Labor Department reported a decline in weekly jobless claims, which fell by 20,000 to 478,000 last week. . Overseas, Iceland nationalized its largest bank, Kaupthing, as a financial crisis deepened, meaning all three of its key banks are now under government control. In Russia, equities rebounded after tumbling earlier in the week, with oil and gas shares leading the rally and forcing Moscow's stock exchanges to suspend trading once again. A stock rally in London proved short lived, with the FTSE 100 index falling 1.2%. . In Asia, markets ended mixed after a volatile session.

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London Stock Exchange trading derailed by computer crash on frenzied ...
This has been caused by uncertainty in the markets, with people taking a shorter-term view to their trading. "It seems like the LSE had been forced to deal with a lot more than it ...
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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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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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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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Russian markets, banks under pressure
The market has crashed, hence the highly liquid funds the banks hold are not so liquid." The central bank estimates that liquidity demands will rise to 400 billion rubles ($15.5 ...
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Transportation Accidents
An elderly driver who crashed into a deputy sheriff's cruiser on the Long Island ... prospect that perhaps this is the big one, the 100-year flood in the stock market ... The state has dropped its murder charge against Waldemar Rivera, accused of a ...
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Source: Hampton Roads Daily Press
NewsDateTime: 10/8/2008

Technology - InfoWorld
A privately funded rocket made it into space, while stock market funds crashed to earth. Mono 2.0 lets .Net apps run on Linux Mon Oct ... That rather basic lesson has taken much of the computer industry far too many years to learn. Successful SaaS ...
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Source: Yahoo News
NewsDateTime: 10/8/2008

Sign up for the Gamasutra Daily Newsletter!
Why Mario Galaxy Crashed, Call of Duty Prospered [Throughout this week, simExchange ... Duty 4 (Xbox 360) in November and December, Super Mario Galaxy disappointed the market ... There's no doubt that Mario has and will continue to do better than CoD. But ...
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Source: Gamasutra
NewsDateTime: 10/7/2008

Transportation Industry
... handles discontinued operations of Travelers' United Kingdom-based London Market... ... The Inland Lakes Railway in Eustis has launched a Murder Mystery Express dinner ... Fossett are trying to determine if weather played a role the day his plane crashed ...
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Source: Hartford Courant
NewsDateTime: 10/8/2008

Police Investigations
Officer Daniel Sullivan has been placed on administrative leave pending the ... Army base in Iraq and selling it on the black market. Lee W. Dubois, 32, of ... Police released the name of a woman who crashed into the patio of a restaurant right ...
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Source: Hampton Roads Daily Press
NewsDateTime: 10/8/2008


In Russia, equities rebounded after tumbling earlier in the week, with oil and gas shares leading the rally and forcing Moscow's stock exchanges to suspend trading once again. A stock rally in London proved short lived, with the FTSE 100 index falling 1.2%. . In Asia, markets ended mixed after a volatile session.

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Published on: 9/10/2007 12:28:49 PM

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