Monday, August 08, 2011

Dow plunges points, touted as the 6th-biggest point loss

Dear fellow traders,

On Monday, 8 Aug 2011, the Dow Jones industrials plunged 634 points (more than 5%) to10,809.85 amidst it's recent debt ratings downgrade by S&P Ratings Agency and the escalating European debt turmoils, now threatening even Italy & Spain. The Asia markets were not spared. Earlier on, the Korea stock market fell 4% while the Japanese market lost 2%. In Europe, Germany's shares market lost 5% and France suffered a 4% drop respectively.

On Monday, the S&P also downgraded the credit ratings of Fannie Mae, Freddie Mac and other government agencies that depend on the creditworthiness of the US federal government.

The S&P 500 fell 79.92 points (6.7%) to 1,119.46 while the technology-laden Nasdaq composite index fell 174.72 points (6.9%) to 2,357.69.

Investors sought refuge in Gold, which has topped US$1,713.20 per ounce. Crude oil, natural gas and other commodities fell sharply on worries that a weaker global economy will mean less demand. Oil fell 6.4% to US$81.31 per barrel, its lowest price for 2011.

Yours Truly,

Tony Chai


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