Dow Regains Some Ground But Closes In Negative Territory

Stocks are finishing the day lower, but there's some relief that the pullback wasn't as bad as it could have been.

The Dow fell nearly 500 points in the opening minutes before regaining some ground.

It closed down more than 300 points. The drop puts it more than 40 percent down from where the index stood a year ago.

There were big declines overseas today after another round of grim corporate news, which stirred new fears about global economies.

Previous Story, Friday afternoon:

After plunging 500 points at the start of the trading day, the Dow has regained some ground.

Still, it's well into negative territory as most major stock indexes around the world have been.

Earlier, Japan's main stock index fell nearly 10 percent. Germany's benchmark index saw an even bigger drop.

One analyst says traders are facing the "realization" that the global economy is in recession.

Previous story, Friday noon:

"There's a lot of panic out there today."

That's how one analyst describes the markets today. Stocks prices have been heading sharply downward since trading opened this
morning on a growing belief the global economy is plunging into recession.

The Dow has been down by as much as 500 points in morning trading.

Previous Story, Friday AM:

Wall Street is joining world stock markets in a precipitous plunge, with the Dow Jones industrials dropping more than 400 points in the opening minutes of trading.

The growing belief that the world will suffer a punishing economic recession has investors furiously dumping stocks.

Grim news from overseas has added to the worldwide gloom. Big companies including Sony and Daimler are warning of tough times ahead, joining U.S. companies in scaling back their earnings forecasts.

As of 9 a.m., the Dow was down 444 at the 8,251 level. All the major indexes are down more than 4 percent.

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  • by Devil Dog Location: New Bern on Oct 24, 2008 at 10:59 AM
    OBAMAS whole redistribution of wealth policy was taxing the rich and a windfall profits tax on the oil companies. Don't forget 74% of small businesses will be affected. Well..the rich grabbed their money and took it to the sidelines. The oil companies are seeing profits reduced by the drop in crude oil prices. OBAMAS plan was based on crude oil at $85.00 per barrel. It is now $64.00 per barrel. I go back to what I posted 2 months ago about the repeal of the GLASS-STEGAL ACT of 1933 by CLINTON. I bet it will go back in effect next year. If oil drops below $50.00 per barrel RUSSIA,IRAN, VENEZUELA, and SAUDI ARABIA will create an incident to jack up the prices. We better get our energy policies in order and now. CONGRESS has been kicking this around for 35 years. The market is fearing an OBAMA election.
  • by Dwayne Location: Greenville on Oct 24, 2008 at 07:02 AM
    So, our 401k plans are vaporizing and now the Democrats are reportedly discussing taxing what little is left to support the presumptive 1 trillion dollar spending plan by obama. Wake up people before there is absolutely nothing left of your hard earned dollars but a socialist state taking what little is left after their tax hike. Remember, a repeal of the Bush tax cuts is a tax increase.

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