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Dow Jones recovers hundreds of points, before losing them in minutes

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Friday, October 10, 2008

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Wall Street, the home of many U.S. stock exchanges
Image: Urban.

Following a large fall at the start of the day, the Dow Jones Industrial Average has recovered by hundreds of points, with it climbing over 250 points again before dropping off to down 100 in just minutes.

After going to down 100, it climbed to 12 up then three down. Following going three down, it kept going up and down between slightly up and below zero.

Following this, the market went to sixty down, before recovering slightly to -36. That market then hovered for a few minutes between -30 and -60, before recovering slightly to -11, they going down to -82 again.

The index fell to its lowest level in five years at 8,579.19, falling 679 points in one day. This, at 7.3%, is the eleventh largest percentage fall in the history of the index. The growth then continued, with the index being up over 150 points on the start of the day at one point.

Peter Cardillo, chief market economist at Avalon Partners, commented on the current financial situation in the US. "What we've seen here was one big margin call that just kept feeding on itself, so the opposite could happen. But you need a catalyst," he said. "I'm more convinced now than ever that this market has made a bottom. The capitulation came when we breached 8,000," he continued. "It doesn't mean we can't go back and revisit that level."

Market data

20:15, 10 October, 2008 (UTC)
  • DJIA
    		•  8.451,19 Loss 128,00 Loss 1,49%
  • Nasdaq
    		•  1.649,51 Profit 4,39 Profit 0.27%
  • S&P 500
    		•  899,22 Loss 10,70 Loss 1,18%
  • S&P TSX
    		•  9.264,57 Loss 335,61 Loss 3.50%
  • IPC
    		•  19.952,30 Loss 357,87 Loss 1,76%
  • Merval
    		•  1.215,990 Loss 71.340 Loss 5,54%
  • Bovespa
    		•  35.615,26 Loss 1,474.03 Loss 3,97%
  • FTSE 100
    		•  3.932,06 Loss 381,74 Loss 8,85%
  • DAX
    		•  4.544,31 Loss 342,69 Loss 7,01%
  • CAC 40
    		•  3.176,49 Loss 266,21 Loss 7,73%
  • SMI
    		•  5.347,22 Loss 451,62 Loss 7,79%
  • AEX
    		•  258,05 Loss 23,92 Loss 8,48%
  • BEL20
    		•  2.123,44 Loss 117,44 Loss 5,24%
  • MIBTel
    		•  15.438,00 Loss 1,081,00 Loss 6,54%
  • IBEX 35
    		•  8.997,70 Loss 905,20 Loss 9,14%
  • All Ordinaries
    		•  3.939,50 Loss 351,80 Loss 8,20%
  • Nikkei
    		•  8.276,43 Loss 881,06 Loss 9,62%
  • Hang Seng
    		•  14.796,90 Loss 1,146,37 Loss 7,19%
  • SSE Composite
    		•  2.000,57 Loss 74,01 Loss 3,57%


    Sources

    Wikinews
    Wikinews
    		 Some information contained in this article was obtained from television, radio, or live webcast sources. Reporter's notes and the broadcast source details are available at the collaboration page.


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