New Zealand Stock Exchange opened Down August 9 2011

Indonesia stock info - New Zealand Stock Exchange opened Down August 9 2011 ; The New Zealand Stock Exchange has opened for the second consecutive day with heavy losses after more than US$1 trillion were wiped off global stocks overnight.

Wall Street led the nose dive as US investors had the first chance to react to the country's credit rating downgrade.

The closing bell on Wall Street this morning marked the end of an historic day - the first time the US has traded without its top credit rating.

"Much rougher than most people thought," says Allen Valdez, DME Securities. "We knew there would be a sell off because we were looking at the Asian markets and the European markets, and of course any kind of downgrade by Standard & Poor's, the first time ever, is going to affect the market – but it was much more brutal than we thought."

The Dow Jones opened down about 2 percent. But the index continued to slide, closing down 634 points, 5.5 percent.

That's the sixth-worst point decline for the Dow in the last 112 years.

The NASDAQ also suffered heavy losses, closing down 6.9 percent.

"It's all about news and there is no good news out there," says Mr Valdez.

The US selloff mirrored big losses in Europe, and in the face of a growing crisis, President Barack Obama stepped in, hoping some stoicism may calm the markets.

"Markets will rise and fall but this is the United States of America. No matter what some agency may say, we've always been and always will be a triple-A country."

But the plunge continued.

"As usual, every time Obama takes the podium the market sells off and that is exactly what happened today," says Jason Weisberg, Seaport Securities.

The New Zealand stock market opened with heavy losses again this morning, down around 3 percent a short time ago.

"The reality is it's going to take a few days for this to fully digest," says ASB economist Nick Tuffley. "We've done one lap around the globe, it make take a couple more before the dust really starts to settle."

What markets now need is stability, but with $1.3 trillion wiped off world stocks overnight, stability is clearly in short supply.

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