Global Markets Are Plunging – What Awaits Us In The Morning?

And how do you see it? Will you buy a lot and hold on? Will it be a fire sale? Or will you start drinking early?

From CNN:

Stocks fell sharply worldwide Monday following declines on Wall Street last week amid investor pessimism over the U.S. government’s stimulus plan to prevent a recession…ritain’s benchmark FTSE-100 slumped 5.5 percent to 5,578.20, France’s CAC-40 Index tumbled 6.8 percent to 4,744.15, and Germany’s blue-chip DAX 30 plunged 7.2 percent to 6,790.19.

In Asia, India’s benchmark stock index tumbled 7.4 percent, while Hong Kong’s blue-chip Hang Seng index plummeted 5.5 percent to 23,818.86, its biggest percentage drop since the Sept. 11, 2001, terror attacks.

Canadian stocks fell as well, with the S&P/TSX composite index on the Toronto Stock Exchange down 4 percent in early afternoon trading. In Brazil, stocks plunged 6.9 percent on the main index of Sao Paulo’s Bovespa exchange.

Investors dumped shares because they were skeptical that an economic stimulus plan President Bush announced Friday would shore up the economy that has been battered by problems in its housing and credit markets. The plan, which requires approval by Congress, calls for about $145 billion worth of tax relief to encourage consumer spending.

This outta be interesting.

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Comments (4)

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  1. Four Pillars says:

    I think it will be more than interesting – I just checked the foreign markets and they are DOWN! I’m going to go out on a limb here and predict a 10% drop for the S&P – 5% for the fact that all the other indexes went down 5% or so today plus the further decreases in other markets.

    On a lighter note – I love your “David network” – first time in my life I wish I had a different name.. 🙂


  2. david says:

    Oh it’s gonna be a ride!

    Well, Mike is my brother’s name, so it’s close. 😉

  3. Mrs. Micah says:

    Well, I don’t really have the money for it, so no investing while it’s down. No nothing, just holding and feeling happy that the market has 43 years to recover before I’ll be touching my Roth anyway. I hope. 🙂

    Micah suggests that I should have replied: “Certain doom.” But he was smiling.

  4. david says:

    But it would have been funny. I should have named the post that!