Wall Street is bracing for a bad start to the week with the credit market
still strained and the stock market headed into free-fall right from the opening bell.
Just half an hour into trading, the Dow Jones Industrial average had dropped as much as 300 points, and was dipping below the 10-thousand mark for the first time in nearly four years.
The sell-off came as traders watch the financial crisis that started in the U.S spread like a virus around the globe.
Both Asian and European Stock Exchanges dropped sharply overnight. The selling Reached such a frenzy in Russia, trading had to be stopped twice.
On the foreign exchanges, workers are concerned the administration's
700-billion dollar bailout won't be the right medicine for the global
Investors on the New york Stock Exchange are realizing the bailout isn't an overnight fix. The credit markets are still all but frozen and a new survey shows economists predicting a deep and long lasting recession.
It shows an economy that's still very weak regardless of the bailout plan.