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Stocks bomb as dire warnings shake markets
CNN
Friday, Oct 24, 2008
Stock prices bombed to new lows Friday as dire forecasts drove the global financial system into one of its worst downward swings since the credit crisis began.
London’s FTSE 1000 dropped by more than nine percent at one point, following dramatic losses in Asia as markets reacted with alarm at comments by the former head of the U.S. Federal Reserve who warned of a “credit tsunami.”
In Moscow, trading was halted
In Asia, South Korea’s KOSPI Composite Index closed down 10.6 percent Friday, while Japan’s Nikkei Exchange lost 9.6 percent on news that Sony had cut its profit forecast in half.
(Article continues below)
The economic turmoil will be the focus of the two-day, 43-nation Asia-Europe Meeting, which opens Friday in Beijing, according to European Union President Jose Manuel Barroso.
Leaders hope this week’s summit in China will help bring agreement on a response to the crisis ahead of a November 15 meeting hosted by U.S. President George W. Bush in Washington.
“We need a coordinated global response to reform the global financial system. We are living in unprecedented times and we need unprecedented levels of global coordination,” The Associated Press reported Barroso as saying.
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10 Responses to “Stocks bomb as dire warnings shake markets”
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October 24th, 2008 at 5:46 am
I dont get it… The US markets have not even opened yet.
Kinda misleading. It should say (Foreign Markets).
October 24th, 2008 at 5:55 am
The DOW Jones is going to be so crazy today, I’m going to video tape the financial channel. This is as exciting as the Super Bowl. The DOW auto shut down goes into effect at -1100 . Let’s see if we can hit that in less than an hour. I want this country to become a financial basket case starting today. In this way, when all is smashed and broken, only then we can remove the crooks and demand honest people running the American financial system. Stock up like you would a hurricane or earthquake because in the famous words of Jackie Gleason …..”HERE WE GO” !
October 24th, 2008 at 5:59 am
Re: Sapient
Good question but it always seems that our stock market mimics the “future market” which dropped -550 earlier this morning and shut down automatically. The future market will reopen this morning exactly as the DOW opens…9:30 A.M. Eastern Time.
October 24th, 2008 at 6:03 am
Hey Allen Greenspan here’s a lesson when you make speeches in Congress like yesterday. Don’t say the word “tsunami” to Asians before they start trading. That’s like yelling “fire” in a theatre filled with burn victims in wheelchairs.
October 24th, 2008 at 6:09 am
STOCKS ARE A BIG JOKE!
WELCOME : “GREENSPANS NEW ‘SHOCK -MARKET”= buy stocks and get Shocked!..
.when you loose all you CASH!
October 24th, 2008 at 7:49 am
Greenspan quote:
” Ahh What Recession….ahh…who…I sold my investments awhile back….dopes?”
It started with the war on the poor. Now it’s the war on middle class.
http://www.thespectergroup.com/militarysales.htm
October 24th, 2008 at 8:20 am
LOLZ the world thinks Americans are poor and in complete poverty. Granted I have lost thousands in mere months, But when all these chicken rich people get done selling, I’m already sitting here buying shares at unprecidented discounts. If everything is so bad why then, on my meager 50k a year am I still eating well, living in a decent home, driving two nice (well one nice one semi nice) cars..Kids fed clothed etc etc etc. Tighter than it used to be yup. Crisis or poverty? Not by a long shot. My definition of poverty = oh noes i have to eat hamburgers, hotdogs, beans and ramen noodles, I may have to roll some change on thursday to have gas to get to work on Friday. My parents ironed clothes from dusk until dawn to have less than I have. Americans whine to much as poverty is being without food and/or shelter. Let the bottom fall out of the stock market..I’ll just laugh at them as I scavenge.
October 24th, 2008 at 8:47 am
Good, that would be the only blessing we get for our Cuntry., is for people to beleave were poor right now, no more diversity stay the fuck home. we hate you
go the fuck away the american dream is dead.,.
leave us the fuck alone.
October 24th, 2008 at 9:21 am
Everyone is going to be starving on the streets, and the worse is that the media will just look over them like they don’t exist. Kind of what they do now, with the tent cities going up in places. Really, if people aren’t ready to shelter and find food for each other as well for themselves, then we all are going to suffer.
October 24th, 2008 at 11:24 am
James has a point. It is very hard to agree with one part of the “crisis” or the other when it really doesn’t affect you.