Friday, October 10, 2008

Stock Market Continues Plunge At Opening Bell

Feather News

Within minutes of the opening bell today, the Dow Jones Industrial Average fell over 500 points before climbing back above the 8,000 point mark. Ten minutes into trading, the DJIA recovered somewhat but was still down about 300 points.

Going into today's trading, the DIA was down about 21 percent from the last 10 days of trading.

Stock markets around the world fell drastically in overnight trading. Japan's Nikkei stock index fell close to 11 percent overnight while the stock exchanges of Russia, Austria and Indonesia halted trading due to large stock sell-offs.

If there's a silver lining for tribal members, its that gasoline prices should be dropping. Oil fell below $80 per barrell this morning, reflecting investors' concerns that demand for oil will decline in a global recession. Oil is down 46 percent from its July 11 record of $147.27 per barrel and down 1.7 percent from its price a year ago.

Gas fell below $3.00 per gallon at a Gales Ferry gas station today (see bottom left of this blog page for the "gas-finder" widget that finds the local gas stations selling the cheapest gas. The Gales Ferry gas station, on Rt. 12, registered $2.99 per gallon today.

Note: The Dow Jones Industrial Average ended the day down 128 points.