Cyber Monday sends Dow Jones Tumbling 430 Points

Cyber Monday 2008 sales started today, the on-line shopping day that follows on from Black Friday and thanksgiving, allowing a kick-start of the US holiday shopping season and the optimism of a profitable one for retailers.

Meanwhile Wall Street suffered as Investors feared the worsening economic conditions would continue throughout the holiday shopping season, sending the Dow Jones Industrial Index tumbling more than 440 points by midday trading, with 5 percent also being knocked off all major indexes.

Despite the great on-line deals on Cyber Monday, it is thought the expectations of a good holiday shopping season will be short-lived, with Black Friday sales only rising 3 percent this year, according to RCT ShopperTrack it a far more gloomier outlook, it’s a sure sign that Americans are reluctant to part with the cash even when the stores are offering such great deals.

According to a non-partial, non-profit research organization (The National Bureau of Economic Research) America has been in recession since December last year, reminding investors that last week’s buying frenzy was a bubble of optimism and sadly the US economy is indeed in recession.

Source: Forbes