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Updated: 5:13 PM Oct 6, 2008
Wall Street Set To Follow Global Sell-Off
European trading is down, markets in Asia closed with substantial losses, and Wall Street is bracing for a bad start to the week.
Posted: 8:50 AM Oct 6, 2008Reporter: Associated Press Email Address: news@nbc11news.com |
(AP Photo/Richard Drew)
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New York (AP) European trading is down, markets in Asia closed with substantial losses, and Wall Street is bracing for a bad start to the week.
With the credit Market still strained, stocks look to drop sharply at the opening bell.
Investors are realizing the Bush administration's 700 billion dollar rescue plan won't work quickly enough to unfreeze the credit markets.
Many banks are still having trouble gaining access to cash, and over the weekend European governments spent much of their time rushing to prop up failing banks.
The dollar is also at a 13 month high with the euro, and also higher against other major currencies.
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