London Stock Market Tumbles!
So did the talk about “saddest day” do the trick? Our stock markets were closed today, but European markets were open, and the news was disastrous. It tumbled throughout the day and closed on a very sad note.
The London stock market carried the weight of a lead plummeting 5.5% today. More than £75billion was wiped off the value of Britain’s 100 biggest companies. This crash is in the course of fears of a recession in the U.S. It is considered to be the worst year for the stock market since records began in 1936. This crash is considered to be the worst since 9/11.
The fall came as Asian markets tumbled following losses for the Dow Jones Industrial Average on Friday (01/18/2008).
Today, the Indian Stock market shut down for 1 hour to stop the bleeding as the equities plummeted at the open pulling the benchmarks down over 10 per cent to break the lower circuit!
All eyes will be on Wall Street tomorrow morning as the Dow Jones index re-opens after this long weekend. Tomorrow the future of the stocks look dim.
Acording to Yahoo Finance – The dramatic declines were expected to spread to Wall Street, where stock index futures were already down sharply hours before the trading day began. Dow Jones industrial average futures were down 436 points, or 3.6 percent, at 11,670, while Standard & Poor’s 500 futures were down 57.1 points, or 4.3 percent, at 1,268 (finance.yahoo.com)
Speculations is that we are probably heading into a mild recession, although these things are hard to predict. So, tomorrow let’s keep our eyes open and wait…as for my stocks: I am going to Hold instead of Sell. So, what are you going to do? Share your views….
Good Night, and Good Luck!
