U.S. stock futures point to sixth loss in a row
http://www.marketwatch.com/news/story/us-stock-futures-point-more/story.aspx?guid={29F92EA9-B777-4FD7-9BBC-3ACD5FF84199}
LONDON (MarketWatch) –
The march lower in worldwide stock markets looked set to continue Wednesday, with Britain taking the extraordinary step of injecting up to $87 billion (50 billion pounds) into its banks and with Alcoa kicking off earnings season by reporting a worse-than-forecast profit drop.
The latest government intervention comes at a time of diminishing confidence in the financial system and also in the broader economy, with the dollar falling below the psychologically important 100-yen level for the first time since April.
S&P 500 futures dropped 31.9 points to 973.90 and Nasdaq 100 futures dropped 42.25 points to 1,294.25. Dow industrial futures fell 304 points.
Overseas markets also dropped heavily, with the Nikkei 225 ending 9.4% lower in Tokyo and the FTSE 100 skidding 4.2% in London.
On Tuesday, U.S. stocks tumbled, the fifth loss in a row, amid false rumors about Morgan Stanley and fears for an economy stifled by a lack of credit, which offset the Fed’s plan to enter the commercial paper market and a hint of an interest rate cut. The Dow industrials fell 508 points, the S&P 500 dropped 60 points and the Nasdaq Composite lost 108 points.
The economic calendar is on the light side, with August pending home sales the key release. Weekly energy inventories also are due for release.
Oil futures fell $3.09 to $86.98 a barrel. Gold futures rallied $32.80 to $914.80 an ounce.
October 8th, 2008 at 4:26 pm
Please go on youtube and search for Ron Paul’s speech on the bailout. This bailout is so wrong not just in the sense that it bails out the wall street fat cat but that it allows the government to meddle with free market. The government economic policy is disastrous. Ron Paul has the answer. For those of you who are scared about the economy, go and buy some gold. It is the best hedge against the run away inflation which is sure to come. Make sure you have your food storage too. Our country is heading into serious troubles
October 8th, 2008 at 5:13 pm
RON PAUL IS A DISGRACE AND AN EMBARASEMENT . DONT FORGET HE BLAMES US FOR 9/11….PLEASE………….
October 8th, 2008 at 7:13 pm
You know, I would like Ron Paul if he didn’t take his views to a wacky extreme. Yes, blaming the USA for 9-11 is absurd and ignores the fact that a hellish man like bin laden would have used ANY pretext to commit murder and mayhem.
Otherwise, Paul’s “stick to the Constitution” views are quite refreshing, but I can’t always follow him down the same road that he takes with his “strict interpretation” understanding of the Constitution.
October 9th, 2008 at 3:36 am
I think this bailout will only complicate matters where the US government is concerned. I think many more options should have been brought to the table. I guess Bush opted to listen to Paulson who appears to have selected a plan that appealed to the economist that worked for the banks. Either way something had to be done and to some degree the government had to get involved but I see the bailout as a slippery slope that will help the rich rip us all off once again. It is really sad.
For all of you that think government will solve your problems,get over it. Do everything you can to get your personal finances in order.