David Kirkpatrick

October 24, 2008

Wall Street carnage continues

Filed under: Business — Tags: , , , , — David Kirkpatrick @ 1:45 pm

Cover your eyes and hold onto your wallet unless you’re really into casino action. I will admit there’s probably some real bargains out there, but who can guess which companies will remain solvent to see the eventual uptick.

From the link:

Wall Street joined world stock markets in a selloff Friday, with the Dow Jones industrials dropping more than 300 points and all the major indexes falling more than 3 percent. The growing belief that a punishing economic recession is at hand had investors abandoning stocks.

The pullback on Wall Street wasn’t quite as steep as some had feared though the pace of selling increased in afternoon trading. The massive declines began overseas after another round of grim corporate news stirred fears about the world’s economy. Investors also grew nervous after a decline in index futures before the market opened was so steep that selling halts were imposed.

The anxiety Friday — demonstrated by the limits on futures and gyrations in everything from gold to the dollar — underscored the fear and uncertainty that has gripped markets since the mid-September bankruptcy of investment bank Lehman Brothers Holdings Inc. and the subsequent lockup in the world’s credit markets.

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