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Economy

Economic Data (USA)

Friday, October 10, 2008

Each of The 3 Major Indices Lost Over 15% On The Week

Each of the 3 major indexes lost more than 15 percent on the week, the worst week ever for American equities. Crude oil for future delivery finished the week at $77.70 per barrel, a decline of $69.57 (47.24%) since hitting a record high of $147.27 per barrel on July 11, 2008. On Wednesday, the Federal Reserve, in concert with several central banks around the world, cut short-term interest rates by 50 basis points (0.50 percentage point.)

Stock Market Crash
For the week, the DJIA shed 1,874.19 points (-18.151%), the NASDAQ Composite Index lost 297.88 points (-15.296%), and the S and P 500 Index fell by 200.01 points (-18.195%).

Bear Market Update
Since closing with record highs on October 9, 2007, the DJIA has now declined by 5,713.34 points (40.336%), while the S&P 500 Index has lost 665.93 points (42.547%).


Summary of The U.S. Markets for Today:

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DJIA: Closed @ 8,451.19 (-128.00)

NASDAQ: Closed @ 1,649.51 (+4.39)

S and P 500: Closed @ 899.22 (-10.70)

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NYMEX Crude Oil Future closed @ $77.70/barrel

NY Spot Gold closed @ $849.90/ounce

In New York, The U.S. Dollar buys 0.7458 Euros

In New York, The Euro buys 1.3408 U.S. Dollars

The Federal Funds Target Rate is 1.50%

10-Year Treasury Note Yield is currently @ 3.861%

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