Historic Gold Rally, Market Meltdown, Russia Halts Trading
An unbelievable day in the stock market! Gold had its largest one day rally of all time, as investors fled paper assets, pouring cash into the precious metal. The crisis is spreading worldwide with Russia halting trading for a second day as they struggle to shore up their collapsing banking system. Treasury bill yields hit a one half century low and corporate borrowing costs skyrocketed to the highest amount since the crash of 1987. These are indeed ultra prime times to be an active financial trader. The DJIA collapsed -448.22 to 10610.66 at the daily low after staging a midday come back rally. The Nasdaq suffered a massive -109.05 point loss ending at 2098.85 and the broad based S&P 500 blew out -57.20 to 1156.39.
American International
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PowerRating) – This stock led the financial press again today as it plummeted another 45.07% or $1.69 to $2.06 as the Federal Reserve injected $85 billion to keep the world’s largest insurer afloat.
Morgan Stanley
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Sandisk
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PowerRating) – A bright spot in a dark market day, Sandisk jumped 39.10% or $5.88 to $20.92/share after rejecting a hostile take over attempt by Samsung.
General Electric
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PowerRating) fell another 6.66% or $1.67 to $23.39/share on continued credit concerns and global market fears.
Gold experienced its largest one day rally ever climbing $88.20 to $868.70/oz., oil followed adding $5.49 to $96.64 and the fear index VIX spiked a massive 19.27% to 36.14.
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