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Yesterday, the Dow Jones industrial average fell 416 points (a significant 3.3% drop) after a plunge in Shanghai's stock market. Well, now the Asian stock markets have fallen again, because investors are worried about the American economy! The NY Times reports that share prices rebounded in China, rising "nearly 4 percent today after state-controlled media reported that the government might allow greater foreign investment in Chinese stocks and would not impose capital gains taxes on stocks soon." Way to go, state-controlled media! But in places without state controlled media, like Tokyo, Hong Kong, and Europe, the markets seem to be down by another 2%. You can check Wall Street and world stock markets at CNBC.
Yesterday's sell-off came so quickly that Dow Jones couldn't keep up with trading. In fact, some are worried that the technical melt-down from the Dow Jones server shows vulnerabilities in the New York Stock Exchange's "hybrid trading system." The Post describes the hybrid system as a way buyers and sellers are paired off electronically, "rather than relying on human interaction" - but yesterday some traders went back to paper tickets.
The NY Times on worries about world economies and whether the U.S. is on track for a recession. The Daily News has "five reasons the BIG drop affects us all."
Photograph of trader reacting during the NYSE's closing bell by Frank Franklin II/AP
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A healthy correction for markets are required from time to time. Fear of losses may bring some sanity to investors.
Recession may be around the corner in the US, aided by the never ending cost of our involvement in Iraq. In turn the world economy will suffer. Blame Bush.
most other asian markets are lower because of the U.S. trading action yesterday. asian markets closed yesterday before the big selloff in the U.S., so this is a natural reaction in foreign markets. they need some more time to digest all of this.
recession may or may not be on the way, but we'll rebound from yesterday's awful session.
Just a market correction..?
Or is this because Greenspan is waving the caution flag ..?
Huh, I could have sworn I retired more than a year ago, Capitalist. Doesn't Bernanke have my job now?
Yes, you did retire and yes, Bernanke does have your job, but nobody listens to him. He's sorta useless.
February 28, 2007
The anxiety in the stock market came as investors fretted that the U.S. and Chinese economies may be stumbling. Their anxiety was partly stoked by an earlier warning from ex-Federal Reserve Chairman Alan Greenspan that it was possible the U.S. economy could slide into a recession this year.
Don't *&%$# with me, I'm a Capitalist !