10/8/08- Market Continues its Plunge on Global Economic Worries

10/8/08- Yet again the Dow plunged today, this time losing 189.01 to close at 9,258.10 while the S&P 500 lost 11.29 to close at 984.94. NASDAQ lost 14.55 to close at 1740.33. The Ten Year U.S. Treasury Note was down $1.38 to close at 102.72 pushing the yield up to 3.669%. Oil was down .28 per barrel to close at 88.43 per barrel. The dollar lost against the Euro .00336 so one Euro will buy $US 1.36743. Today's decline was due to the turmoil in the global markets even though the Feds cut interest rates so that the fed funds rate is now 1.50% while the discount rate is 1.75%. Large retailers reported a decline in September same-store sales and several cut third quarter earnings outlook. The uncertainty as to whether the market has bottomed will continue into tomorrow's trading. That's it for today from Atlanta.