Back

Next

Sensex sinks amid global financial mayhem

October 16, 2008

In US, the hungry bear is on the prowl

Wednesday ended as one of the worst in US stock market history, with the Dow Jones industrial average shedding 733 points, or nearly 8 per cent.

The Dow lost almost 400 points in the last 45 minutes of trading.

Last Friday, the Dow plummeted more than 500 points in the last hour of trading. On Monday, it soared about 300 points.

Analysts offered a variety of explanations for the late sell-off on Wednesday.

While some pointed to hedge funds losses, others traced the reason to investors’ dumping shares into a falling market.

Still others saw panick selling by individuals and money managers.

Rupee at record low. . .

A ticker gives the lastest financial news on October 14, 2008 in New York's Times Square | Photograph: Stan Honda/AFP/Getty Images

Also read: Of write-offs & PF defaulters

Back

Next