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Strategies & Market Trends : Ride the Tiger with CD -- Ignore unavailable to you. Want to Upgrade?

To: Condor who wrote (132468)	10/2/2008 12:24:47 PM
From: Rocket Red	Read Replies (1) \| Respond to of 313897

At noon: Ker-plop Thursday, October 02, 2008 A day after the U.S. Senate made the passing of the government's bailout plan look like a possibility once again, North American stock markets fell sharply, reflecting growing concerns about the health of the global economy. In Canada, the S[amp]amp;P/TSX composite index was down 468 points, or 4 per cent, to 11,247. You can blame materials stocks for the biggest chunk of that decline, after fertilizer stocks took a big beating and the price of gold plunged $48 (U.S.) an ounce, to about $840. The materials subindex fell 10.3 per cent and carved more than 190 points out of the benchmark index,[amp]nbsp;representing about 40 per cent of the index's total point loss at midday. Meanwhile, energy stocks fell 4.8 per cent after the price of oil fell $4 a barrel, to $94.50. The concern here is that if the global economy turns weaker – a legitimate concern seeing how the financial crisis has put sweat on the brows of European bankers – then the demand for energy will dry up. Finally, financial stocks fell 2 per cent – a nasty dip by historical standards, but nothing but noise given the standards of recent stock market volatility. In the United States, the Dow Jones industrial average was down 202 points, or 1.9 per cent, to 10,629. The broader S[amp]amp;P 500 was down 29 points, or 2.5 per cent, to 1132. There, industrials took the biggest kicks, falling 5 per cent. Materials fell 4.9 per cent and financials fell 2.2 per cent – suggesting that growing confidence over the bailout plan is meeting growing concerns that the bailout will do little to stabilize the world's financial system and may not address rising unemployment, deteriorating manufacturing activity, plunging auto sales and faltering consumer confidence. [amp]nbsp; © Copyright The Globe and Mail