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Location: where you sip the tea of the breasts of the spinsters of Utica
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full article at Global stocks in turmoil as Wall Street gyrates - Yahoo! News (http://news.yahoo.com/s/afp/20081010/bs_afp/stocksworld - broken link)
....... Stock exchanges were in turmoil worldwide amid heightened worries about a raging financial firestorm that showed no signs of easing even as global finance officials met in Washington and new efforts were made to shore up troubled banks.
Some markets plunged 10 percent in the worst performance since the 1987 stock crash as part of a global meltdown that began with Tokyo's 9.6 percent nosedive.
"If you could measure the overall confidence level of investors, it would likely be so low that it would frighten the rest of the longs out of the market," said Kevin Giddis at Morgan Keegan. "This is the scary part of the movie where the slasher is hiding in the shadows around the corner waiting to pounce."
On Wall Street, the Dow Jones Industrial Average saw early losses of as much as 700 points, and two sudden spurts into positive territory before closing down 128.00 points (1.49 percent) at 8,451.19.
.....The London FTSE 100 index of leading shares fell 8.85 percent to finish at 3,932.06, its sharpest daily plunge since the 1987 stock market crash.
In Paris the CAC 40 lost 7.73 percent to finish at 3,176.49 while the Frankfurt Dax shed 7.01 percent to end the week at 4,544.31.
......
The meeting brings together ministers and central bankers of the United States, Germany, Japan, France, Britain, Italy and Canada. Bush has agreed to host the G7 finance ministers on Saturday. ....
Brazil's Bovespa index slumped 3.97 percent, bringing its loss for the year to 44 percent. Canada's S&P/TSX index tumbled 5.57 percent.
The Tokyo market suffered its biggest loss in two decades, surpassing Wednesday's plunge of 9.38 percent. The Nikkei has lost more than 24 percent over the past week.
The rout quickly spread to other markets. Sydney plunged 8.3 percent, Singapore lost 7.34 percent and Seoul slid 4.1 percent. The Hang Seng index in Hong Kong slid 7.19 percent.
Rumor has it that there may be a banking holiday after the G7 meets this weekend. No ATMs, no checks; cc's and dc's won't work. Cash on the barrelhead. I withdrew enough cash to get us through more than a month; wondering if I should have done 3 months' worth?
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