David Kirkpatrick

October 10, 2008

Looks like another tough day on Wall Street

Maybe not as bad as yesterday, but mid-afternoon numbers don’t look too promising.

These figures come from the WSJ website and are current as of 2:37 pm EDT.

Dow Jones Industrials down 5.76%

S&P 500 down 6.53%

Nasdaq down 5.37%

10-year note down 0.81%

I guessing everyone is noticing a trend in direction in these indicators.

Update 2:32 pm CDT — There’s a bit of a rally heading toward the bell today and both the Dow and Nasdaq are pushing positive numbers — less than 1% into the green, but positive.

One story that seems to be getting lost in all the financial freak-out is oil is dropping like a rock. Crude is now below $78 a barrel.

From the link:

Crude futures sank to a 13-month low on the mounting threat to global oil demand from the financial crisis.

Light, sweet crude for November delivery settled $8.89, or 10.3%, lower at $77.70 a barrel on the New York Mercantile Exchange, the lowest settlement since Sept. 10, 2007. Brent crude on the ICE futures exchange closed at $73.65 a barrel, down $9.01.

Oil prices fell along with commodities from copper to corn, as well as the Dow Jones Industrial Average, which dropped for the eighth-straight trading day. Turmoil in the financial sector has resulted in a frozen credit market, cutting companies in the wider economy off from borrowing and threatening economic growth worldwide.

Final update 3:17 pm CDT — The markets close for the weekend and only Nasdaq held on for a gain. A 0.27% gain.

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