Bankruptcy

Market Turmoil Continues

By J. Michael McBride

So far, so bad – but the day may see huge swings up as well as down. Too much excitement either way! “Markets were so jittery early Friday that the New York Stock Exchange felt it was necessary to post a statement on its blog confirming that trading would open as normal at 9:30 a.m. ET, saying it felt it was necessary to answer widespread rumors that the open would be delayed.

The NYSE also posted updated details of so-called circuit breakers, which would halt trading for certain periods of time if the Dow Jones industrial average falls 1,100 points during the trading day. It said it was posting that information with "the fervent hope we won't need them."

Futures trading limits were imposed before 7 a.m. ET, when Dow Jones industrial average futures were down 548 points. The futures for the S&P 500 were down 60 and Nasdaq 100 futures were down 84. Futures measure current index values against the perceived future performance and can indicate how markets open when trading begins in New York.”

Here is a link to the full story:
http://money.cnn.com/2008/10/24/markets/stockswatch/index.htm

Michael

Full post as published by Texas Lawyer Blog on October 24, 2008 (boomark / email).