THE NEW YORK STOCK MARKET CRASHES AGAIN
New York:
the Stock market crashes still further. Another selloff ravages Wall Street – Stocks drop another 12% -- 16.4 million shares
trade. IT'S THE Worst day in market history – Billions in value IS wiped out.
The trade volume shatters the previous record of 12.9 million shares, which was set only last Thursday. Experts estimate that fully half the stocks on the New York Stock Exchange have lost 50% of their value over the last month or so. Total value lost over that time is estimated at $25 billion.
As with Thursday's crash, crowds gather outside the exchange to see the historic tumble. Yet unlike Thursday, this crash is not marked by frenzied panic. Large financial interests place buy orders at successively lower levels throughout the day, making the selloff look more like the orderly retreat of a well-drilled army than the bedlam that ensued Thursday. The ticker, though behind by 2-1/2 hours, still fares better than Thursday, when it didn't print the final quote until 4 hours after the market closed.
Markets in Europe tumble too.
The trade volume shatters the previous record of 12.9 million shares, which was set only last Thursday. Experts estimate that fully half the stocks on the New York Stock Exchange have lost 50% of their value over the last month or so. Total value lost over that time is estimated at $25 billion.
As with Thursday's crash, crowds gather outside the exchange to see the historic tumble. Yet unlike Thursday, this crash is not marked by frenzied panic. Large financial interests place buy orders at successively lower levels throughout the day, making the selloff look more like the orderly retreat of a well-drilled army than the bedlam that ensued Thursday. The ticker, though behind by 2-1/2 hours, still fares better than Thursday, when it didn't print the final quote until 4 hours after the market closed.
Markets in Europe tumble too.
Elsewhere:
Russia: the government kills 12 more of its people -- “enemies of the state” -- bringing the total for the
week to 100.
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