October
19
US stock markets reach 12-year lows
US stock markets reach 12-year lows
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Thursday, March 5, 2009
US stock markets dropped to twelve-year lows on Thursday, amidst falling confidence in the financial sector and worries over whether the US automobile manufacturer General Motors will be able to keep operating.
The Dow Jones Industrial Average dropped by 4.08%, or 280.52 points, at the closing bell, reaching a level of 6595.32, a new 12-year low. The Nasdaq Composite lost 54.15 points, or 4%, to 1299.59, while the Standard & Poor’s 500 plunged by 30.27 points, or 4.25%, closing at 682.60.
Every stock in the Dow Jones, other than Wal-Mart, either lost ground or remained even, and all stocks in the S&P 500 index lost ground.
General Motors’ shares lost 15.5% after the auto firm announced that its auditors had “substantial doubt” over whether it would be able to keep operating.
Shares of financial companies were lower by nine percent, with Bank of America losing 11.7% and Citigroup falling by 9.7%.
“What’s most worrisome is that we haven’t hit the crescendo yet,” said Bill Groeneveld, the head trader for vFinance Investments. “Asset-management divisions are getting calls to just liquidate everything, and we haven’t seen the big players come back in at all.”
“This is one of the worst bear markets in the last 100 years; it started out with the credit crisis and the subprime [loans], but it is like a forest fire that has raced across the clearing and ignited other parts: Autos, auto parts, the insurance companies have been hit very hard. The credit crisis is causing an unraveling of industry after industry because the banks don’t lend,” said David Dreman, the chief investment officer of Dreman Value Management.
European markets were also lower today, with the London’s FTSE index losing 3.2% and the DAX index of Germany falling by five percent.
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Wikinews interviews Ruth Bryant White, independent candidate for US President
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Tuesday, February 19, 2008
While nearly all coverage of the 2008 Presidential election has focused on the Democratic and Republican candidates, the race for the White House also includes independents and third party candidates. These parties represent a variety of views that may not be acknowledged by the major party platforms.
Wikinews has impartially reached out to these candidates, throughout the campaign. We now interview independent Presidential candidate Ruth Bryant White, an ordained Christian minister, author, and homemaker.
