Headlines for today -
- Investors have shrugged off an array of market-stabilizing efforts by world governments, including a $700 billion U.S. financial rescue plan, several bank bailouts and a coordinated interest rate cut by the Federal Reserve and central banks around the globe.
- The $700 billion US Financial Bail Out Plan, passed by the House and quickly signed into law by President Bush Friday(10/03/08), was supposed to jump-start the crippled credit markets and get the money flowing normally again to consumers, businesses, corporations and governments. But it remains to be seen whether it will work.
- Frozen credit markets and a loss of confidence in the world’s financial system have caused the Dow to drop 21 percent in just 10 trading days.
- Oil prices plunged in another violent sell-off today, briefly tumbling below $78 a barrel as investors grow more pessimistic about the prospects for resolving a mushrooming global economic crisis. Gas price as of Friday, October 10, 2008 is $2.899/gallon in our city. A barrel of oil hasn’t been this cheap in 13 months. These steep losses came as Wall Street extended its staggering decline for an eighth straight day and headed for its worst weekly drop ever.
- The Dow Jones industrial average was down more than 500 points in mid-afternoon trading.