What an ugly week for the Dow! -1875 pts representing -18.15%...
Spent the week at work analyzing companies, not dictated by my boss, but rather through minute to minute updates on MarketWatch and CNBC. Things were just happening so fast. There were some moments that on my 30 second walk to my boss' office, the news I was going to tell him had been changed and he about to come to tell me.
Just crazy.
But what now? With the bailout passed, money flooding the markets out of the coffers of many governments' central banks, and oil futures falling, global stock markets continue their death march. Every day they open is another 5% decrease in value. How sustainable is this?
Well, there is one number that they could end up at: 0.
Hopefully, this weekend's emergency meetings between finance ministers will result in a positive AND cohesive message. This was attempted this Friday and ended in a dismal message: "We know we need to do something, but we can't agree on what."
The way I see it now, the markets are falling due to mass chaos and fear. Perhaps the best way to calm these fears would be to shut down stock markets for a few days and allow companies to start worrying about running their business, rather than having their CEOs mesmerized at their desks, tapping at the ticker symbol as it scrolls by.
Saturday, October 11, 2008
Ugly Week for the Dow
Posted by Finance Guy at 2:00 PM
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