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New York Markets Do The Dead Cat Bounce
A few days of confidence on the New York stock markets early this week gave way overnight to another rout, taking the world leading markets back close to their two year low levels of last week. In other words this week’s brief return to confidence on Wall St has turned out to be yet another dead cat bounce.
The latest rout followed a sell-off in European markets sparked by profit warnings from leading technology companies including Nortel Networks, and an increasing realisation in the UK that the Foot and Mouth crisis is deepening.
The blue chip Dow Jones index closed
this morning on 9785.35 0 points down 162.19 or 1.6% for
the day. The new low compares with a low last Thursday of
9487.
(GRAPH LINK: http://quote.yahoo.com/q?s=^DJI&d=5d)
The
technology heavy Nasdaq index closed on 1854.13 points down
a whopping 118.13 or 6%. The new low compares with a low
last Thursday of 1830.24.
(GRAPH LINK: http://quote.yahoo.com/q?s=^IXIC&d=5d)
The
broader S&P 500 index closed on 1153.29 points down 28.88
or 2.4%. This level compares with a low of 1122.14 last
Thursday.
(GRAPH LINK:
http://quote.yahoo.com/q?s=^SPC&d=5d)
European markets performed badly overnight, German’s DAX closed down 2%, France’s CAC down 1.6%, and the UK’s FTSE down 2%.
In
early trading this morning the NZSE40 index is down
14
points or 0.6% on 2023 points (compared with 2082
last Thursday morning)
To view live updates of the state of Asian 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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