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U.S. stocks joined a worldwide selloff at Friday's open, with the Dow down about 400 points, as a wave of anxiety about a global recession sent investors heading for the exits.
The Dow Jones industrial average fell 4.5%. The Standard & Poor's 500 index tumbled 5.2% and the Nasdaq composite lost 5.3%.
Stocks followed the lead of plunging markets worldwide, with Japan's Nikkei index ending down 9.6%. European markets down almost as sharply, with major indexes down 8% in France and Germany and 7% in London.
Markets were down 14% in Moscow when the exchange there suspended trading until Tuesday.
"Today might be the day where everybody throws in the towel," said Peter Cardillo, chief market economist for Avalon Partners. "People are saying 'I've had it, I can't take it anymore, I'm selling everything.'"
Markets were so jittery early Friday that the New York Stock Exchange felt it was necessary to post a statement on its blog confirming that trading would open as normal at 9:30 a.m. ET, saying it felt it was necessary to answer widespread rumors that the open would be delayed.
The NYSE also posted updated details of so-called circuit breakers, which would halt trading for certain periods of time if the Dow Jones industrial average falls 1,100 points during the trading day. It said it was posting that information with "the fervent hope we won't need them."
Futures trading limits were imposed before 7 a.m. ET, when Dow Jones industrial average futures were down 548 points The futures for the S&P 500 were down 60 and Nasdaq 100 futures were down 84. Futures measure current index values against the perceived future performance and can indicate how markets open when trading begins in New York.
Economists said that even commodities were selling off, including a $18 drop in gold and a 6% decline in copper, with oil trading below $65 a barrel. The dollar rose against the euro and the British pound, but plunged against the yen.
"It's across-the-board global liquidation of stocks," said Art Hogan, chief market strategist at Jefferies & Co.
Hogan cited a 0.5% drop in the United Kingdom's third-quarter GDP as one key reason for the selloff. That drop was from the previous quarter's level of economic activity, making it much more severe than the typical measure of U.S GDP, which is reported as an annual rate of growth or decline.
A 0.5% quarter-to-quarter decline works out to nearly roughly a 2% drop in annual GDP.
Andrew Sentance, a member of the Bank of England, told the BBC early Friday that the chance of a severe recession there had increased, and that the central bank would have to adjust interest rates according.
Expectations that the Bank of England and European Central Bank would have to make sharp cuts in interest rates in the weeks and months ahead sent the pound and euro plunging versus the dollar in early trading.
The yen was the strongest of the major currencies, as the Bank of Japan's rate is already down to 0.5% and thus it has little room for additional cuts.
The gloom followed a positive Thursday for Wall Street. The Dow and S&P 500 both advanced while the Nasdaq slipped. But trading has been volatile lately amid uncertainty about how deep the economic crisis will be and how long it will last.
Housing market. At 10 a.m. ET, the National Association of Realtors will announce the September tally for existing home sales, an important measure in the real estate market. A consensus of estimates from Briefing.com projects an annual sales rate of 4.95 million units, up from last month's figure of 4.91 million.
NYSE Euronext > Exchanges > The Crash of 1987 and today
... New York Stock Exchange at the time, recalled, "The market ... Crash (Associated Press via Houston Chronicle) Excerpt: NEW YORK — There were more people than computers on the floor of the New York Stock Exchange ...
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Stock market crash - Wikipedia, the free encyclopedia
... market crash ... markets in the world averaged 296 percent during this period. The average number of shares traded on the NYSE had risen from 65 million shares to 181 million shares. The crash on ...
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Wall Street Crash of 1929 - Wikipedia, the free encyclopedia
... world's leading financial centers.The New York Stock Exchange (NYSE) was the largest stock market ... The trading floor of the New York Stock Exchange just after the crash of 1929.
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NYSE Euronext > Exchanges > 'After Crash, NYSE Got the Message(s)'
According to an online calculator I came across, $150 in 1833 would be about $2,700 today. Tags: New York Stock Exchange, NYSE, Crash of 1987, stock market history
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A Market Crash Is Coming
Look at this chart of Johnson & Johnson (NYSE: JNJ), for example, and see how rocked it was by the 2000-2002 market crash. Altria 's (NYSE: MO) chart is more jagged, but it still ...
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How Low Will They Go? Massive Stocks Drops Could Trigger Trading ...
... fears that another set of trading circuit breakers would be hit and halt trading when the markets open. After the stock market crashes of ... Quotes delayed 15 minutes for NASDAQ. 20 minutes for NYSE and AMEX. Market Data provided by Interactive ...
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Source: ABC News
NewsDateTime: 24 minutes ago
This Trojan Horse Could Slash Your Portfolio
... through the economy, starting with collapsing home values, and moving on to crashes ... While big oil companies like ConocoPhillips (NYSE: COP ) and Chevron (NYSE: CVX ) ... they enjoyed for years during the big moves up in the housing and stock markets. The ...
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Source: Motley Fool
NewsDateTime: 10/21/2008
October 2008
... of the last week has produced what feels like a cease-fire in the financial markets ... After the stock market crashes of October 1987 and 1989, the New York Stock Exchange ... Each quarter, the NYSE publishes circuit-breaker levels at 10 percent and 20 ...
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Source: ABC News Blogs
NewsDateTime: 10/21/2008
Trying To Find A Bottom
... the VIX took out the October 10 highs on Thursday, October 16, when the markets ... The crashes of 1987 and 1929 were large but they were generally over in a day or ... Our chart of the iShares Lehman 20 Year Bond (TLT-NYSE) shows what appears to ...
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Source: Safe Haven
NewsDateTime: 10/19/2008
Business - FT.com
... financial crisis, according to Philip Finch, global banks strategist at UBS (NYSE ... It was a Monday in October, like several of the most infamous stock market crashes ... financial institutions and severe malfunctioning of the inter-bank lending markets ...
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Source: Yahoo News
NewsDateTime: 10/22/2008
General Motors Corp. (NYSE: GM) shares are dropping over 13% in pre-market trade to $5.30 as concerns over its solvency increased. As Toyota (NYSE: TM) reported its first decline in years and as its attempt to merge with Chrysler are meeting roadblocks, traders are concerned about GM's health. GM has just announced more job cuts Thursday. Ford Motor (NYSE: F) shares are also down over 13% in pre-market action to $1.73 as investors have much the same concerns with Ford as they do with GM.
Microsoft Corp. (NASDAQ: MSFT) shares are down 6% in pre-market trading after the software giant reported record earnings that beat estimates. Microsoft's guidance for the current quarter was weaker than Wall Street was expecting.
Apple Inc. (NASDAQ: AAPL) shares are also down in pre-market trade -- 7.4% to $91. While there hasn't been any specific news on Apple, Samsung Electronics Co. reported a 44% drop in net earnings, which could be an indication to how there's no escape from the slump in the global economy. Intel (NASDAQ: INTC) joined the hammering of tech as its shares declined over 6.5% in pre-market trading.
Exxon Mobil (NYSE: XOM) and Chevron (NYSE: CVX) each tumbled 7.7% and 5.7% respectively as the priced of oil and gas fell.
Going over the DJIA components most stocks are trading down between 4%-13% pre-market action.
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