First it is the Asian stock markets, then similar effect appeared on the European stock markets and the spill had little impact on the US markets, a black friday.
The BSE 30 and Seoul Composite are down over 10.5% followed by Nikkei 225, Hang Seng and Straits Times showing immense selling. The damage is also evident when the European markets opened their trading day. No surprises, all major European indices are ticking anywhere between 4% to 9% in the red.
The US stock markets though didn’t show that much of panic as expected. The Dow Jones Composite Average is down 75 points or 2.45%. The Dow Jones Industrial Average, the DJ Transportation Average, the DJ Utility Average are all down just about 2% each.
The NYSE though should some amount of selling. The NYSE Composite index is down 4%. The NASDAQ 100 is down 2.7%. while S&P 100 is down 3.8%
1 U.S. Dollar = 49.5294 Indian Rupees
1 U.S. Dollar = 0.7945 Euros
1 U.S. Dollar = 0.7945 GBP
1 Ounce Gold = $713.20
1 Barrel Crude Oil = $64.69
Friday, October 24, 2008 8:56:57 PM IST
October 24th, 2008
The US stock markets took a remarkable recovery course in the last two hours of trades only to close mixed. The Asian markets are continuing on the selling pressure on Friday morning trades.
Former Federal Reserve Chairman Alan Greenspan told Congress that he is shocked at the breakdown of the American credit system. Microsoft has announced a better than expected quarter. Energy, Utilities are the favorite stocks while Basic Materials, Conglomerates, Cons. Cyclical and Technology closed in the red.
Dow closed at 8,691.25 gaining 172.04 points or 2.02%. The Nasdaq closed at 1,603.91 down 11.84 points or 0.73%. The S&P 500 closed in the positive at 908.11 by 11.33 points or 1.26%.
The Asian markets are continuing their selling stand. Sony has put up a profit warning while the outlook of most Asian corporates is that a downward slide looks inevitable.
Nikkei 225 at one point is down over 5% but recovered a bit and is down at 4.89% at the moment. Seoul Composite is down over 5.4%. Hang Seng and Jakarta Composite markets are also down in the red.
1 U.S. Dollar = 49.4095 Indian Rupees
1 U.S. Dollar = 0.7738 Euros
1 U.S. Dollar = 0.7738 GBP
1 Ounce Gold = $713.10
1 Barrel Crude Oil = $68.50
Friday, October 24, 2008 8:22:22 AM IST
October 24th, 2008