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USA stock market daily report by Millenium Traders (October 6, 2008, Monday, 10.30 p.m. GMT) 6 October 2008 Source: www.millennium-traders.com
The enjoyable note of the day for almost everyone - crude oil keeps falling and sits now at less than $88 a barrel! Crude oil settled at its lowest point since February 6. Today, the DOW looked as though it was in a race to see just how fast it could dive to new historical depths in excess of 800 points around 2:30 pm Eastern Time. That's where the DOW headed today, setting a new historical intraday record before surging back at the closing bell with a loss of just over 369 points. For traders and investors who were participating in the markets just a week ago, watching the DOW plunge today seemed like deja vu with its plunge of over 770 points. The DOW has not fallen below the 10,000 mark in 4 years, ironically that was during the month of October as well. The USA is not facing this massive credit crisis alone. World markets are taking major hits as we all await the results of the Rescue Plan approved by Congressional leaders, last Friday. European stocks plunged as a wave of emergency governmental measures failed to stem concerns about the region's financial system and economy. President George W. Bush announced today that, it will take time. The U.S. markets along with global markets have no choice but to hang tough and remain patient. Its clear we are facing a stage of panic in the markets. Trading volume was light today, as it has been in recent trading sessions. The massive sell off today erased approximately $2.5 Trillion in wealth, by investors. Since the first publication of this Daily Commentary, today is the first time stocks hitting new lows on the NYSE and NASDAQ peaked at four digits. During the trading session in Russia and Brazil, trading was halted several times on those Exchanges due to the heavy selling. Economic data released today: n/a At the NYSE closing bell on the New York Stock Exchange, here is how the major world indices and major U.S. stock indices ended the session on the world market as well as the emerging markets including the stock market closing bell price: DOW (Dow Jones Industrial Average) triple digit loss of 369.88 points on the day to end the trading session at 9,955.50 NYSE (New York Stock Exchange) triple digit loss of 334.03 points to end the trading session at 6,779.43 National Association of Securities Dealers Automated Quotations (NASDAQ) loss of 84.00 points to end the trading session at 1,862.01 S&P 500 loss of 42.34 points to end the trading session at 1,56.89 FTSE All-World excluding U.S. loss of 11.43 points to end the trading session at 174.51 FTSE RAFI 1000 triple digit loss of 175.71 points to end the trading session at 4,202.90 BEL 20 (BEL20) triple digit loss of 189.42 points to end the trading session at 2,567.59 CAC 40 (CAC40) triple digit loss of 368.77 points to end the trading session at 3,711.98 FTSE100 (UKX100) triple digit loss of 391.06 points to end the trading session at 4,589.19 NIKKEI 225 (NIK/O) session closed |
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