October 10. Dow Jones hit hard on opening

Friday October 10 and yet another decline on Wall Street, with the Dow Jones falling more than 250 points just as trade began in New York. The global sell-off is deepening the credit crisis and it unlikely that low interest rate will do anything to improve it.

The Dow Jones has declined 21 percent in just 10 days of trading caused by the loss of confidence in financial systems around the world and the frozen credit markets. The blue chip index was created 112 years ago and is heading to for one if its biggest weekly percentage drops, on Thursday the index plummeted 678 points.

As the Dow Jones go into Friday trading the losses for the year add up to a gigantic $8,3 trillion according to preliminary figures measured by the Dow Jones Wilshire 5000 Composite Index, which prepresents almost all stocks traded in the use tracking almost 5,000 US based companies.

In Japan the Nikkei 225 fell 9.6 percent and the European stocks slumped to, with Britains FTSE-100 falling 7.3 percent, France’s CAC-40 down 7.5 percent and Germany’s DAX down 7.7 percent.

Source: msnbc