Vic-- Glad to see you back,, 1st we have to get past Greenspan. He is blamed for London dropping 2% last night and if this is an indication of today-- we may see another new low. I like your possibilities,,, really doubt without a miracle 25 will be it this year,,
Dow seen falling steeply after Greenspan remarks
LONDON, Oct 15 (Reuters) - U.S. stocks were expected to drop sharply on Friday after Federal
Reserve Chairman Alan Greenspan hit investors' nerves by advising banks to set aside more
money as insurance against a big financial market downturn.
Dealers said key producer prices data due at 1230 GMT were also a key consideration for the
market. A stronger than expected figure would damage sentiment further, they said.
The closely-watched December S&P 500 index traded some 17.3 points below its estimated fair value of 1,294.3 by 1119
GMT, indicating an opening fall of around 150 points by the Dow.
Major U.S. stocks traded in Europe slipped on the back of the Greenspan comments, with IBM (NYSE:IBM - news) (quote
from Yahoo! UK & Ireland: IBM.F) falling $1/2 to around $106-3/8 and Microsoft Corp (NasdaqNM:MSFT - news) shedding
$7/16 to about $90-1/4.
``The way the (S&P) futures are looking, most stocks are going to be opening lower,' said a London dealer.
One exception was Sun Microsystems Inc (NasdaqNM:SUNW - news) which rose around $1-7/8 to $91-1/4 after the group
reported better-than-expected first quarter earnings. |
