Wost week ever for wall street
Wall Street titans buckled under the weight of a global stock market panic on Friday as the finance chiefs of the world’s major economies gathered in Washington to confront the inescapable financial crisis.
Poised to Lose 50% Since Dow’s Height
Market experts say stocks could continue falling until they’ve lost half the value from their peak in last year’s bubble heyday – meaning the bottom might be a Dow Jones industrial average at 7,000.
A new economic report yesterday supported such a steep downward spiral by showing a sudden slowdown could hit by Thanksgiving, based on an unexpected doubling of wholesale stockpiles of everything from petroleum and clothing to electronics and cars.
Berlusconi Says World Markets May Close…
Oct. 10 (Bloomberg) — Italian Prime Minister Silvio Berlusconi said political leaders are discussing the idea of closing the world’s financial markets while they “rewrite the rules of international finance.”
`The idea of suspending the markets for the time it takes to rewrite the rules is being discussed,” Berlusconi said today after a Cabinet meeting in Naples, Italy. A solution to the financial crisis “can’t just be for one country, or even just for Europe, but global.”
The Dow Jones Industrial Average fell as much 8.1 percent in early trading and pared most of those losses after Berlusconi’s remarks. The Dow was down 0.5 percent to 8540.52 at 10:10 in New York.
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