Asian, European Markets Plummet; U.S. Stock Futures Trading Halted

Photographs of traders in Tokyo and a graphic showing the Nikkei's decline from the AP

Global markets fell as worries about the recession continued: Tokyo's Nikkei fell more than 9%, closing under 8,000 for the first time since April 2003 and European markets fell after the official news that the "British economy shrank more than expected and for the first time in 16 years." The Dow Jones and S&P 500 futures trading were "limited to prevent contracts from further declines after drops of more than 6 percent." Both will open for trading later, though.

The NY Times reports, "Stock markets around the world are troubled by worries over looming economic disruption following the financial market meltdown. Investors are concerned that a radical slowdown will harm companies’ profitability more than previously feared."

Update, 11 a.m.: Stocks fell 400 points in early trading; the Dow is now down about 327 points (-3.78%) and the Nasdaq and S&P 500 are off 3.5-3.9%.

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By Jen Chung in News on October 24, 2008 8:11 AM

Comments [rss]

Shinobi Shaw

#10 don't hold your breath, Scientists have basically said that we are going into a period of Global COOLING.

FYI Politicians no longer use "Global Warming" now it's "Climate Change."

Fritzdecat

Right On #6 likker and porn will do good in this atmosphere

My idea of a combination titty bar/ likker store

should fare well in the coming months...

mtauser

Are the bridges full of suicides now?

Mass suicide due to wallstreet meltdown now?

SP

Put your money into wine. With global warming there will soon be vineyards in Greenland. Ammunition and coffins would be a good investment too.

chopp3r

...in heavy treading. Oh fuck it.

chopp3r

Croc market posts significant gains in heavy trading.

bagelman

even asian business dudes are striking the distressed trader pose. we're screwed.

Kojak

I'm investing in Liquor and Porn, essentially recession proofing my portfolio.

babyhitler

ahh man, it's the stock market? that sucks! the sock market was a whole lot cuter and non-threatening. where's Ides of March and his "I hate to break it to you but the stock market is up?" The dude want's you to vote for McCain after he voted for bush twice in a row and this shit happens. Don't ever take advice from someone who voted for bush twice.