Who let the big Russian bears out ?! wo, wo, wo, wo. Someone owes Mark Jones a drink.
Dow falls below 10,000
Fear sweeps Wall Street as economic crises in Europe and Japan unnerve investors
By Detroit News staff and wire services 3/15/01
NEW YORK -- Fears of a global economic slowdown shook Wall Street again Wednesday,
sending the Dow Jones industrial average below 10,000 and setting the blue chip index
up for its worst week in more than 11 years.
The Dow fell 317.34 to 9,973.46, dipping 15 percent from its closing high,
11,722.98, recorded on Jan. 17, 2000.
"Anyway you put it, this is bad," said Gary Kaltbaum, a technical analyst for First
Union Securities. "You are in the vicious cycle now.
"It's a combination of Japan and Europe getting slaughtered, and the ãthrow in the
towel' mentality here," Kaltbaum said. "I do not know where it ends."
Asian markets today took a wild ride, with Tokyo down 3.1 percent at the start, but
up 2.61 percent at the end. Europe's major markets were mixed in early trading.
Sellers have dominated the U.S. stock market recently, believing that poor earnings
and the weakening economy in this country won't recover in the near future. The
prospect of economic crises in other countries, especially Japan, unnerved investors
around the globe Wednesday.
While the U.S. Federal Reserve has lowered interest rates twice this year and is
widely expected to push rates lower again next week, the central bank's actions are
not being viewed as aggressive enough to lift the economy out of its slump.
Nevertheless, University of Michigan economists say recession fears in the U.S. are
unfounded. In their annual forecast of the nation's economy, university researchers
predicted economic growth of 2.6 percent for 2001, down from 3.4 percent in 2000.
So far this week, the Dow has lost 671.16, or about 6.3 percent, and is poised to
have its worst week in terms of a percentage decline since 1989, when it fell 7.76
percent the week ended Oct. 13.
Broader market indicators also skidded Wednesday. The Nasdaq composite fell 42.68
to 1,972.10, while the Standard & Poor's 500 tumbled 30.95 to 1,166.71.
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