2008年 10月 07日
Chaotic Day Ends With Stocks Off 3.8%
Published: October 6, 2008
The Dow Jones industrials finished more than 360 points lower, dropping below the 10,000 mark for the first time in five years, as markets around the world spiraled downward in the face of a banking crisis that has tightened its grip on the global economy.
But the outcome could have been worse. After 2 p.m., the Dow was on track for an ignominious record ― 800 points lower in a single session, worse than the 777-point drop recorded a week ago.
On Wall Street, energy stocks dropped by more than 10 percent as a whole after oil prices dropped below $90 a barrel, reaching their lowest levels since February. Crude oil was trading just over $89 a barrel in New York after 2 p.m.
Shares of financial firms, manufacturing outfits, and industrial companies all fell sharply. Only six companies in the entire S.&P. 500 were up for the day, including Wrigley, the chewing gum giant, and Monster, the parent company of job-seeking Web site Monster.com
Some gauges of anxiety in the market again reached record highs as the week began, and a benchmark overnight borrowing rate, the Libor rate, moved higher. A measure of volatility, the VIX index, jumped to its highest intraday level ever.
Markets routed in global sell-off
By Chris Giles in London, Michael Mackenzie in New York, John Aglionby in Jakarta, and Alan Beattie in Washington
Published: October 6 2008 19:27 | Last updated: October 6 2008 21:23
Emerging markets were particularly hard hit. The MSCI Emerging Markets Index slumped 11 per cent, its largest daily decline since 1987. Trading was temporarily stopped in some major emerging economies, including Russia, where the market fell by just over 19 per cent, and Brazil, where stocks fell as much as 15 per cen