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Worries about the economy sent the Dow Jones industrials down a staggering 733 points earlier Wednesday, erasing any hopes that the convulsions that have shaken Wall Street for a month were over.
The selling spree carried over to Asia, where stocks fell sharply Thursday. Japan's key stock index plummeted more than 11 percent, South Korean shares shed 9.25 percent, and Hong Kong's Hang Seng Index was down 4.8 percent.
Benchmarks in Britain, Germany and France opened about 3 percent lower. Russia's RTS also fell back.
Earlier this week, after governments around the world announced plans to use trillions of dollars to prop up banks, including a U.S. plan to buy about $250 billion in bank stocks, the market had appeared to be turning around - or at least calming down.
Instead, relentless selling gave the Dow its 20th triple-digit swing in the past 23 trading sessions, an unprecedented run of volatility. The Dow has finished higher on only one day this month. The loss of 733 points is the second-worst ever for the average, topped only by a 778-point decline Sept. 29.
Leaders of the world's top economic powers, the Group of Eight, said they would meet "in the near future" for a global summit to tackle the financial crisis. The group comprises the United States, Japan, Germany, France, Britain, Italy, Canada and Russia.
British Prime Minister Gordon Brown said the meeting could be held as soon as next month. He said the discussions should include not only the world's richest nations but also major emerging economies such as China and India.
Originally posted by Relentless
The scariest thing to me is they have been trying to hold this together till after the elections. They have failed miserably.
So if it's this bad now, what happens after the elections?
Originally posted by SEEWHATUDO
HHHHMMM wonder what they will pull out of the magic hat today???