The Dow was down 237 bringing it's decline from the high last month to just over 10%, definition of a correction. Traders worry about continuing problems in the credit markets not to mention weakness in the housing market. The 10 year Treasury bond closed at 3.85%, the lowest level since June 2005. The yen is under 108 while the Euro is near $1.49, the dollar weakens further.
Asian markets followed the lead in NY, down 2-3%. Shanghai at 4900 is down about 20% from over 6000 just a few weeks ago. It looks like uncertainty continues to rule the markets.
No comments:
Post a Comment