Open

Coming up

Don't miss

Replay


LATEST SHOWS

FOCUS

Pakistan's Ahmadis living in fear of extremist attacks

Read more

WEB NEWS

Web users show solidarity with Iraqi Christians

Read more

THE INTERVIEW

Gilles Kepel, Islamic and Arab world specialist

Read more

BUSINESS DAILY

Argentina braced for another debt default

Read more

DEBATE

Too Late for Sanctions? Pressure Mounts on Russia over Ukraine (part 2)

Read more

DEBATE

Too Late for Sanctions? Pressure Mounts on Russia over Ukraine

Read more

MEDIAWATCH

'What would you do?'

Read more

AFRICA NEWS

Ebola virus: Liberia shuts most border points

Read more

IN THE PAPERS

Netanyahu says Gaza operation will not end quickly

Read more

  • In pictures: ن - a sign of support for Iraq’s persecuted Christians

    Read more

  • EU broadens sanctions on Russia over Ukraine crisis

    Read more

  • Calls mount to ban France’s ‘violent’ Jewish Defence League

    Read more

  • France extradites suspected Jewish Museum shooter to Belgium

    Read more

  • Video: How tourism is helping Rwanda’s gorillas, ex-poachers

    Read more

  • Rare Sri Lankan leopard cubs born in French zoo

    Read more

  • France evacuates its nationals from Libya

    Read more

  • Israeli strikes target symbols of Hamas power

    Read more

  • US says Russia violated arms treaty by testing cruise missile

    Read more

  • Argentina in last-ditch effort to avert default

    Read more

  • Karzai’s cousin killed in Afghan suicide attack

    Read more

  • Libya oil tanker fire blazes out of control

    Read more

  • In pictures: From Gaza to Mosul, bittersweet end of Ramadan for Muslims

    Read more

  • Moroccan police arrest French al Qaeda recruiter

    Read more

  • French mayor files complaint against US father who risked kids’ lives on Mont Blanc

    Read more

  • French footballer Griezmann headed to Atletico Madrid

    Read more

US markets plunge at open amid recession fears

Text by AFP

Latest update : 2008-12-09

Wall Street's main indexes fell sharply as trading opened on continuing fears that a global recession is imminent. European and Asian markets tumbled earlier in the day.

View our special report: 'The crisis hits Main Street'

 

 

Wall Street shares plunged at the open Friday amid a wave of panic selling and a meltdown in share prices around the world on rising fears of a global recession.
   
The Dow Jones Industrial Average slid 403.89 points (4.69 percent) to 8,287.36 in the first 10 minutes of trade.
   
The Nasdaq saw a dive of 86.75 points (5.41 percent) to 1,517.16 and the Standard & Poor's 500 index sank 50.26 points (5.53 percent) to 857.85.
   
The market action came amid a wave of panic in markets around the world amid mounting evidence that major economies are heading for recession from a credit crunch and banking crisis.
   
"We have now reached a point where fundamentals and long-term valuation considerations do not matter any more for financial markets," said economist Nouriel Roubini at New York University.
   
London stocks plunged more than nine percent to a five-year low, Frankfurt crashed by 10.13 percent and Paris tumbled by more than seven percent approaching the half-way stage of trade.
   
In Asia, Tokyo sank nearly 10 percent, and Hong Kong tumbled as concern grew that the chronic financial crisis was taking a heavy toll on company earnings.
   
"There is a free fall as most investors are rapidly deleveraging and we are on the verge of a a capitulation collapse. What matters now is only flows -- rather than stocks and fundamentals -- and flows are unidirectional as everyone is selling and no one is buying as trying to buy equities is like catching a falling knife," Roubini said.
   
"There are no buyers in these dysfunctional markets, only sellers and panic is the ugly state of this destabilizing game."

Date created : 2008-10-24

COMMENT(S)