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US Share Markets Shed Another 2%
US Share Markets continued their recent run of falls overnight with the market closing on the blue chip Dow Jones index down 2.4% at a new 52 week low, and on the technology rich Nasdaq index down 1.46% at a new two year low.
This morning’s falls followed falls of 2.4% on the Dow Jones and 5% on the Nasdaq yesterday. The falls yesterday were sparked by a Federal Reserve Open Market Committee decision to reduce the Federal Funds interest rate by 0.5% when the markets had wanted a rate cut of 0.75% or more.
The blue chip Dow Jones index closed this morning
NZT on 9487.00 points down 233.76 or 2.40% for the day.
(GRAPH LINK:
http://quote.yahoo.com/q?s=^DJI&d=5d)
The technology
Nasdaq index closed on 1830.24 points down 27.20 or
1.46%.
(GRAPH LINK:
http://quote.yahoo.com/q?s=^IXIC&d=5d)
The broader S&P
500 index closed on 1122.14 points down 20.48 or 1.79%.
(GRAPH LINK:
http://quote.yahoo.com/q?s=^SPC&d=5d)
Yesterday’s falls in New York were followed by falls in many Asian markets and in all European Bourses overnight.
Japan’s ailing stock market was the notable exception rallying 913 points (7.5%) on the back of a decision by the Bank of Japan to lower interest rates to zero.
Japan’s strong performance led to a bounce back in Hong Kong which had been trading down around 3% for most of the day but which closed at the end of the day down just 0.5%.
European markets performed far worse, German’s DAX closed down 2.77%, France’s CAC down 2.23%, and the UK’s FTSE down 1.88%.
In early trading at 9.30am(NZT) the NZSE40 index is down 7 points or 0.3% on 2082 points.
To view live updates of
the state of Asian and European share markets as they open
today see…
GRAPH LINK:
http://quote.yahoo.com/m2
Alastair Thompson
Scoop Publisher
Alastair Thompson is the co-founder of Scoop. He is of Scottish and Irish extraction and from Wellington, New Zealand. Alastair has 24 years experience in the media, at the Dominion, National Business Review, North & South magazine, Straight Furrow newspaper and online since 1997. He is the winner of several journalism awards for business and investigative work.
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