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Welcome Back: Stocks Immediately Plunge
By
Jen Chung
Published Sep 29, 2008
Modified Sep 29, 2008
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By
Jen Chung
Published Sep 29, 2008
Modified Sep 29, 2008
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The Dow Jones Industrial Average has fallen over 300 points. Per CNBC, "The CBOE Volatility Index, widely viewed as the best gauge of fear in the market, shot up 8 percent to about 38." This comes in spite of news that Citigroup will acquire Wachovia and that lawmakers have an agreement on the bailout plan. The NY Times reports that Federal Reserve "announced a coordinated move with nine other central banks to vastly increase the amount of liquidity in the world financial system." Update, 4:30 p.m.: The stock market had its worst day in two decades, with the House's failure to pass the bailout plan: The Dow fell 7%while the S&P 500 fell by almost 9%.
Tagged
dow jones
federal reserve
liquidity
stocks
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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