Markets Continue to Fall Across the World; Dow Jones Falls Below 8,600

Stock markets across the world have fallen dramatically as worries that recent government moves might not prevent a global recession. The largest drop was with the the Dow Jones (DJIA), which fell 678 points, or more then 7.3%, to below 9,000 to close at 8,579.19.

The index has fallen over 2,000 points in the past nine days to reach its lowest level since 2003. The S&P 500 was down more than 7%.

The U.S. markets opened on the positive side, but with bad news coming from several different areas such as whether or not the $700 billion bank bailout bill passed by the United States House of Representatives and the Senate is working or will work. Concerns over the lack of trading within the credit market is one of the main reasons for the drop.

This is the seventh straight day of markets closing in severely negative numbers.

One of the biggest stocks that dropped was General Motors, which lost more then 33% of its value.

In the UK, the FTSE 100 dropped from a day high of 145 points to 52.9 points lower, which is a 4 year low. The biggest drop was Barclays, which dropped 13.1%.

The only major world indexes that gained any value were the Hang Seng in Hong Kong, which closed up 511.51 points or up 3.31%, and the Russian RTS, which ended up more than 10.91%, recovering part of yesterday’s fall.

By Wiki News

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