Stockmarkets continue to plummet

I had thought the worst was over ...

Dow drops below 9,000


A breathtaking 7.3 per cent drop on the Dow Jones industrial average Thursday afternoon pushed the index below 9,000 points for the first time in five years, as investors ignored massive government efforts to steady markets and stave off a global recession.

The Dow lost 678.91 points, closing at 8,579.19. General Motors led the charge lower, down 31 per cent to $4.76 (U.S.) a share – its lowest level since 1950 – as analysts warned global demand for vehicles would slump as the economy slows. The S&P 500 was down 7.6 per cent, or 75.02 points, to 909.92.

In Toronto, the S&P/TSX fell 4.5 per cent, or 456.13 points, to 9,600.18 as oil dropped $1.44 to $86.99 a barrel on the New York Mercantile Exchange. The financial sector – which only recently reclaimed its title of most-heavily-weighted stock on the index – fell over 9 points
James Morton
1100 - 5255 Yonge Street
Toronto, Ontario
M2N 6P4