Markets Continue to Slide on Growing Credit Concerns
U.S. stocks have plunged the past two days
after news from Europe showed the full extent of the credit
crunch. Inter-bank rates in Europe shot way above target, causing
the European Central Bank to inject billions of dollars in an
effort to bring liquidity to cash-strapped markets.
Wall Street reacted negatively, as the Dow dropped over 300 points
yesterday. Financials have been hit the hardest, with brokerage
and banking stocks losing significant amounts of value.
Currently, the major averages have moved off of their intraday
lows but continue to see downward pressure.
Crude oil futures for September delivery
continued to fall losing 1.3% to $70.64 a barrel on concerns that reduced economic growth
will hamper fuel demand. Gold futures for December
delivery rose 1% to $679.30 an ounce.
Around Asia, Shanghai’s Composite fell
fractionally to close at 4,749.37, Hong Kong’s Hang Seng index
lost 2.9% to 21,792.71, and Tokyo’s Nikkei index dropped 2.4% to
16,764.09.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com
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