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Dow falls more than 400 points for second day in row
New York City News.Net
Thursday 20th November, 2008
The Dow Jones industrials finished more than 400 points lower Thursday, after a similar fall on Wednesday.
Concern over whether Congress will agree to a plan to relieve the automaking industry, and the price of oil hitting $48 a barrel were major factors, together with a dramatic rise in jobless claims.
The fall in the price of oil is having a double-whammy effect.
First it knocks around energy stocks, and secondly it provides further evidence that the global economy is slowing down.
Thus when the price fell as low as $48 a barrel Thursday, almost $100 below the price it was selling at a few months ago, major stock indices were sliding, but the slide developed into a rout in the final hour of trading.
They were also helped along by data showing jobless benefits had increased markedly.
At the close of trading Thursday the Dow Jones Industrials were down 444.99 points or 5.56% at 7,552.29.
The Nasdaq Composite was off 70.30 points or 5.07% at 1,316.12.
The Standard and Poor's 500 was down 5.14 points or 6.71% at 752.44.
The number of U.S. workers applying for jobless benefits rose last week to their highest level in sixteen years, Labor Department data released Thursday indicated. Even worse was the number of workers remaining on jobless benefits, or continuing to claim benefitsThey were the highest since December 1982, rising from 3.903 million last week to 4.012 million in the week ended November 8.
The U.S. dollar and Japanese yen continued to take the limelight on foreign exchange markets.
Around the New York close the euro was quoted at 1.2467. The Japanese yen rose to 94.15.
The British pound was weaker at 1.4724. The Swiss franc and Australian dollar were sharply weaker at 1.2240 and .6088 respectively. The Canadian dollar dived to 1.2944.
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Comments on this story
Micael
11-20-08, 07:51 PM |
Dow falls more than 400 points for second day in row
The Illuminati should have seen this coming, makes me nervous.They are no longer in charge for a reason. They should have told the truth to the world when the jews taught them, but instead they lied to the whole of the earth about the lights that grow dimmer and brighter, just as the jews themselves do. Telling only the most evil corruptable humans about the lights and what they are. The used to call this enlightenment, to teach only the most evil. So now I, a true Lord tell all the world what they don’t want you to know. The lights that grow dimmer and brighter are the stars in the sky, the stars are His childrens crowns, and the bright sun is His crown, the Crown of the God of Gods. I am Micael the brother of Gabriel, I am here on earth suffering with you sons of man, become a host for my father ( your body must be his temple for him to enter and cleanse you ). If you become his host we can help you, take your pain when you can’t handle it. My little brother did not die for your sins. You don’t believe he is my little brother eh, then why did the three kings follow his star crown to his cradle eh?
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