Stock Market Drops
45Today it was announced that Dow Jones industrial average has lost more than 400 points this week. According to NASDAQ composite index fell by 5 percent and the Standard & Poor's five hundred directory lost 3.5 percent.
The Federal Reserve Bank cut rates by three-quarters of a percentage point to 3.5 percent, citing the weakening economic outlook. The shift came in advance of the central bank's frequently planned meeting.
Along with any stock the financial stocks are expected to get one more slap following Bank of America and Wachovia which have both posted miserable stock consequences due to the mortgage and credit clutter.
Bank of America's net income fell by around 95 percent to approximately $268 million in their Q4 as the company took $5.3 billion in record related to composite liability tools.
- Lower start for stocks
Wall Street fell at Wednesday's open as investors were cautious about the global economy and health care reform. - 86 minutes ago
- Treasurys fall slightly ahead of auction
Read full story for latest details. - 48 minutes ago
- Oil rises on surprise inventory drop
Read full story for latest details. - 4 hours ago
- Dollar falls against euro
Read full story for latest details. - 4 hours ago
- Wall Street retreats
Stocks tumbled Tuesday, with the Dow losing over 100 points as investors eyed weak global markets, a rising dollar, falling oil and gold prices, and some disappointing profit news from 3M, McDonald's and Kroger. - 17 hours ago
- Gold's luster continues to fade
Gold prices fell for the third day in a row on Tuesday as the U.S. dollar continued to strengthen. - 19 hours ago
- Treasurys rise on interest rate outlook
Read full story for latest details. - 18 hours ago
- Dick Bove's bold bank call
If you missed the rally in bank stocks this year, longtime analyst Dick Bove says not to worry. He predicts that large banks' shares will double by the end of next year. - 2 days ago
- TARP Is Not Meant for Job Creation: Watchdog Head
The head of the watchdog panel for TARP told CNBC that the bailout fund is not intended for job-creation program. - 2 hours ago
- Wholesale Inventories Rise Unexpectedly in October
- 34 minutes ago
- Mortgage Applications Rise to Two-Month High
- 4 hours ago
- Fewer US Home Sellers Slicing Prices: Report
- 5 hours ago
- US Senate Democrats Reach Agreement on Health Plan
- 7 hours ago
- Britain Slaps Banks With 50% Tax on Bonuses
- 3 hours ago
- Bad to Worse: Dubai's Palm Island May Be Sinking
- 9 minutes ago
- Text Messages: Digital Lipstick on the Collar
- 30 minutes ago
PrintShare it! — Rate it: up down flag this hub
Comments
All of this of course is in response to a panic over the fact that the US is either about to enter a recession or it is already in one which was sparked by the subprime loan crisis. But aside from the markets, how vulnerable is the rest of the world to this coming economic crisis in the US.
Ralph Deeds says:
2 years ago
The Fed's .75 point cut in the Fed Funds rate announced this morning, sooner than expected, is an indication that the Fed is quite concerned about where the U.S. and world economy may be heading. I don't think we've heard all the bad news yet, but who knows?