The Uglytude Continues
Futures and overseas markets are down again
PARIS (Reuters) – Stock index futures were sharply down on Wednesday as deepening fears that the credit crisis would make more victims and drag the global economy into recession sent equities plunging around the world.
By 5:51 a.m. EDT, S&P 500 futures were down 2.7 percent, Dow Jones futures down 3.2 percent and Nasdaq 100 futures down 3.1 percent.
European shares were taking a beating, with UK’s FTSE 100 index losing 4.4 percent, Germany’s DAX index dropping 6 percent, and France’s CAC 40 falling 5.2 percent. Europe’s banking sector was down 5.6 percent.
The Nikkei average plummeted 9.4 percent on Wednesday, its biggest one-day drop since the 1987 stock market crash.
Commodity markets are also tanking, as the lack of credit is causing people to dump stocks.
And my bus didn’t show up this morning. Like I needed to wait an extra half hour this morning at 4goddamned50 am. Really, I had nothing better to do.
Really.
Update: Whoa, the Fed just cut rates 1/2 percent, and everything is surging higher.
NEW YORK (Reuters) – Stock index futures turned positive on Wednesday after the Federal Reserve slashed interest rates in concert with other global central banks to calm markets.
S&P 500 futures jumped 28.30 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures climbed 173 points and Nasdaq 100 futures gained 36.25 points.
Biz | tree hugging sister | 
October 8, 2008 6:41 am
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I think the fact that Germany is willing to let the rest of Europe swing spells very, very bad news for the European economies in the short (18-24 month) term. It may have greater political/diplomatic meaning over the next 3-5 years. Not necessarily the end of the EU.
See this post at PowerLine for a smarter take on it then I’m capable of relating:
http://www.powerlineblog.com/archives2/2008/10/021709.php
Yeah, what was that comment from them yesterday, about not wanting their money going to support the latin europe economies? Lots of unity there.
It might be time to do a little judicious shopping in the market, if you’ve got nerves of steel.
Well, what you really need is money you can afford to lose. As I’m lacking that particular category I’ve shifted everything to cash. I’m willing to miss the first part of the upmove; I want to hang on to what I’ve got rather than try to pick the bottom.
I learned a long time ago that when you try and pick a bottom you usually end up with shit on your fingers.
Nevermind, the futures got over their euphoria, and are back to flat at 8:45.
And now they’re down 280 or so.
Boy, this is ugly. Asia is down six to nine percent, Europe four to five percent, US futures about three percent. It seems the more governments stick their fingers in the pie the unhappier the markets get.
“the more governments stick their fingers in the pie…”
Remember what Bingley said about fingers, Retread…
Surging higher?
Whachoo readin’, Willis?
And we’re jumping off the cliff to keep Asia and Europe company.
There was a moment, rather brief, of euphoria early this morning, Sis.
Here’s a bit of cheering news: NYT is at 12.84, off four percent on the day.
Hehe. No tears will be shed for NYT stockholders here.