The S&P 500, an index that measures broad U.S. stock market activity, was down almost seven percent Monday, and has dropped 11 percent since the beginning of the year. Major indexes across Asia closed down between two percent and four percent, and European stocks were down by three-to-five percent.
Investors are looking to a meeting of the Federal Reserve on Tuesday for signs of further support for reeling financial markets and the economy after the European Central Bank stepped in to buy Italian and Spanish government bonds in the latest attempt to deal with the euro zone debt crisis.
Investors are looking to a meeting of the Federal Reserve on Tuesday for signs of further support for reeling financial markets and the economy after the European Central Bank stepped in to buy Italian and Spanish government bonds in the latest attempt to deal with the euro zone debt crisis. read Stock Market august 9 2011, waiting Federal Reserve Ben Bernanke Comment
The Fed in June completed a $600 billion Treasury bond- purchase program, known as quantitative easing, aimed at lowering long-term borrowing costs. Today’s drop in global stocks, further fueled by concerns over Europe’s debt crisis, adds to pressure on the central bank, which is confronting a slowing U.S. economy and unemployment stuck above 9 percent. The policy-making Federal Open Market Committee plans to hold a regularly scheduled one-day meeting tomorrow and release a statement at about 2:15 p.m.
Over the weekend the G7 and G20 group finance ministers pledged coordinated action to ensure financial market stability and economic growth after world stock markets lost $3.4 trillion in value since July 29 on investor concern that slowing global economic growth would make it even harder for heavily indebted countries to pay their debts.
Stock market opened august 9 2011
Tokyo shares were hit hard in early trading Tuesday, following the heavy losses Monday in New York and around the world. Following a 2% drop Monday, the Nikkei Stock Average opened down another 2% at the opening bell Tuesday, then slid to a 3.4% loss about five minutes later. read Japanese stock market august 9 2011
Shortly after the opening, the index was at 8791.11, heading toward its low close of the year of 8605.15, set on March 15 in the aftermath of the devastating earthquake and tsunami that damaged the nation's economy.
Markets elsewhere in the region were also falling early. Australia's S&P/ASX 200 was down 3.8%, while Korea's Kospi was 5.5% lower. The Australian dollar fell below US$1.0100, its lowest level since March. And Nymex crude for September delivery was down US$1.48 to US$79.83 a barrel.
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