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Local stocks react to US plunge
2-October-08
Written by Russell Quinn
A COMBINATION of forces in the US including voter antipathy, partisanship and election year politics, has created further turmoil regarding the future stability of the US and world economies.
Following the initial defeat of the extraordinary $840 billion financial rescue package in the US, the Australian stock market had lost about $55 billion in value by the close on Tuesday, thanks largely to Wall Street's reaction to the package's failure.
At that stage, the benchmark S&P/ASX200 had fallen 176 points, or 3.66 per cent to 4,631.4, while the broader All Ordinaries was 184 points lower, or 3.8 per cent, at 4,655.2.
Article continues...
2-October-08
Written by Russell Quinn
A COMBINATION of forces in the US including voter antipathy, partisanship and election year politics, has created further turmoil regarding the future stability of the US and world economies.
Following the initial defeat of the extraordinary $840 billion financial rescue package in the US, the Australian stock market had lost about $55 billion in value by the close on Tuesday, thanks largely to Wall Street's reaction to the package's failure.
At that stage, the benchmark S&P/ASX200 had fallen 176 points, or 3.66 per cent to 4,631.4, while the broader All Ordinaries was 184 points lower, or 3.8 per cent, at 4,655.2.
Article continues...
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