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US markets heavily hit; Asian markets look bleak on Tuesday

October 23rd, 2008

The US markets have been hit once again this time the Dow touching the 8510 points mark. Dollar weekened a bit while the Asian markets are taking a red Tuesday.

The Dow closed at 8,519.21 losing 514.45 points or -5.69%. The Nasdaq last traded at  1,615.75 points and is down 80.93 points or -4.77%. The S&P 500 last traded at 896.78 points down 58.27 losing 6.10% at closing bell.

US President Bush has called upon 20 Nations for a Summit on the markets. Job cuts and recession fears are much visible in the US markets as the indices are touching their 5 year lows.

Wachovia swings to $23.7 Billion losses on huge write downs. AIG has announced it will freeze executive payouts.

The Asian markets are taking a bad Tuesday reflecting the US-market mood. The Seoul Composite is down 8.32%. The Nikkei 225 is down over 5%. The All Ordinaries and Hang Seng are down over 4% each. Almost all major Asian indices that have opened are trading in the red.

1 U.S. dollar = 48.8997 Indian Rupees
1 U.S. dollar = 0.7810 Euros
1 Ounce Gold = $724.00
1 Barrel Crude Oil = $67.50

Thursday, October 23, 2008 8:59:44 AM IST

Entry Filed under: Global Markets