Monday, September 22, 2008

Investors Remain Nervous: DJIA Falls 372 Points; Oil Jumps $16; USD Falls

Feather News

Investors remained nervous today, sending the Dow Jones Industrial Average down 372 points. Casino stocks fell more than the overall market as investors remain concerned about capital and liquidity issues in that sector and also awaited further details about the government's plan to purchase $700 billion in banks' mortgage debt.

A barrel of oil at one point fell by more than $25 but ended the day down $16, a one-day record jump. Previously, the one-day record increase for oil was $10.75 set last June.

The U.S. dollar also fell today, recording its largest one-day decline (2.3%) against the euro since the European currency was introduced in 1999. The decline of the dollar is largely tied to the nation's forecasted deficit, worsened by an anticipated government bailout plan. The dollar is now worth 1.4866 euros.