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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Zardoz who wrote (15669)	8/11/1998 1:24:00 PM
From: Bucky Katt	Read Replies (1) \| Respond to of 116774

Of interest>>900-point drop in Dow needed to trigger trade halt While the Dow Jones Industrials were off by 200 points Tuesday amid growing concern over Asia, new circuit breaker trading halts will not kick in until the Dow falls by 900 points, or about 10 percent. The circuit breaker rules, which were first set up after the October 1987 market crash, were greatly expanded in April 1998. Under the new rules, stock market trading halts will be tripped by one-day declines of 10 percent, 20 percent and 30 percent in the Dow Jones industrial average. In late morning trading on Tuesday, the Dow was off by nearly 197 points or about 2.25 percent to 8377. Previously, trading on the New York Stock Exchange, the American Stock Exchange and Nasdaq would halt for 30 minutes if the Dow fell 350 points, or for one hour, if it fell 550 points. Such halts were triggered only once, on October 27, 1997, when the Dow slid 554 points or 7.2 percent. After that October 1997 experience, many market players complained that the halts may have worsened the sell-off by acting like a magnet for selling, and called for a widening of the trigger points. Under the new rules, point levels are set quarterly at 10 percent, 20 percent and 30 percent of the Dow. The levels are readjusted every quarter, using the Dow's closing value of the previous month rounded to the nearest 50 points. The new levels are readjusted December 30, March 30, June 30 and September 30, and go into effect the next trading day. Under the latest figures, for trading during the third quarter of 1998, it would take 900-point decline in the Dow drop to halt trading for one hour if the decline occurs before 1400 EST (1800 GMT). Trading will be halted for 30 minutes if the drop happens between 1400 and 1430 Eastern time. There will be no effect if the 850-point drop occurs between 1430 and 1600 Eastern Time. A 1,750-point drop will halt trading for two hours if the sell-off occurs before 1300 Eastern time; for one hour if before 1400 Eastern time, and for the rest of the day if between 1400 and 1600 Eastern time. A 2,650-point drop will halt trading for the remainder of the day, regardless of when the decline occurs. Also, this>>Brent crude was trading four cents firmer at $11.95 a barrel at 1010 GMT after sliding to a new low of $11.87, below the previous 10-year floor of $11.90 set in March. Brent had slid a sharp 68 cents on Monday to settle at $11.91 under pressure from a mountainous glut of crude and products.