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US MARKETS CLOSED sharply lower today on fears that the world is heading towards another recession.
Concerns about a double-dip recession led to investors selling off stocks, while commodities also saw a rout.
Investors’ worries were compounded by weak data coming out of China today, says Reuters.
The Dow Jones industrial average hemorrhaged as much as 527 points, the second consecutive rout since the Federal Reserve announced a change in strategy for fighting the economic slowdown.
At the close of trading, the Dow was down 391.01 points, or 3.51 per cent, at 10,733.83. The Standard & Poor’s 500 index fell 37.18, or 3.19 per cent, to 1,129.58. The Nasdaq composite fell 82.52, or 3.3 per cent, to 2,455.67.
Nineteen stocks fell for every one that rose as investors fled.
Traders sought the safety of Treasury bonds instead of the usual havens of oil and metal.
Gold, which has been seen as a type of security blanket lately, also dropped nearly 4 per cent. The Wall Street Journal said that the fall happened as investors looked to raise cash they had lost elsewhere.
Oil equities also sunk with Exxon Mobil, Chevron and Marathon Oil all down.
-Additional reporting by the AP
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Here we go again
The world is correctly predicting recession and the Irish government are predicting a small growth.
All markets down and we predict a small growth. Has our old bank regulator come back to advise our government on the economy?
Sounds vey familiar.
P.S. Who regulates our CSO people?
The same auditors they did the Anglo Irish Bank.
"There is no means of avoiding a final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion or later as a final and total catastrophe of the currency system involved.
- Ludwig von Mises
Lucinda Creighton is visiting a school in the morning on a PR exercise while our country is heading toward disaster.
We do get what we deserve – self serving greedy people who have no interest in our country just self interest.
We should protest outside her house not government buildings. This has to stop.
God help us she represents us in Europe.
Poor ole lucinda cracked the "no money in the ATMs" whip again tonight on v Browne. God love her if she thinks we’re still scared of that one. Give us a break!
The ATM’s went down in Iceland for one second.
The German economic miracle 1948.
How the Germans turned there economy from basketcase to the envy of the world. (it involved abandoning a rubbish inflationary currency)
http://www.econlib.org/library/Enc/GermanEconomicMiracle.html
Thanks for the link. Interesting.
Greese will leave the euro to survive. When they do other countries like Ireland will see that it’s the way for them to save their economy also.
Don’t worry every one … Our exports are up ! I suppose that means everyone abroad can continue to buy our manufacturing. You don’t need to be a economist to work that one out .
have your say