A worldwide sell-off today sent stocks into a nose dive with a global meltdown in markets from Hong Kong to Europe. Today was the single largest one-day loss since 9/11. Here are the numbers.
- In Japan the Nikkei Index was down 535.35 points ending at 13,325.94
- The Hang Seng Index in Hong Kong plunged 1,838.01 points (5.49%) to 23,818.86
- The Chinese Shanghai Composite Index fell 5.1%
- The Bombay Exchange in India lost 7.41%
- Germany's DAX 30 tumbled 7.2%
- France's CAC-40 was down by 6.8%
- Britain's FTSE-100 lost 323.5 points closing at 5,578.2 representing a loss of nearly 60 million pounds in share values on the exchange.
In today's worldwide market plunge, equity investors lost hundreds of billions of dollars.
It's obvious that today's meltdown clearly demonstrates that investors are deeply concerned about the U.S. economy and its housing and credit crisis. Investors have rejected President Bush's economic stimulus plan for $145 billion worth of tax relef to encourage consumer spending, as they have also rejected Treasury Secretary Henry Paulson's totally lame argument that equity strength in global markets would be sufficient to withstand a downturn in U.S. equities experienced by the bursting real estate bubble.
How naively arrogant on the part of Secretary Paulson.
It's also painfully apparent that the investors have given a thumbs-down to Federal Reserve Chairman Ben Bernanke's assurances that the U.S. central bank will repond with a big interest rate cut.
Fasten your seat belts! We're about to go for a ride on a rollercoaster that we shouldn't even have to be on in the first place.
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