Dow's wild week ends with thousand-point swing
The Dow Jones Industrial Average suffered its worst weekly point drop in history when trading closed Friday. As world markets also plunged, investors wondered if the financial crisis has hit rock bottom.
Friday?s trading saw the Dow swing nearly a thousand points throughout the day. In the first minutes of trading the Dow plunged almost 700 points to dip below the 8,000 mark. Shortly after, it made a brief recovery hitting positive territory before closing 128 points down.
?I can't watch it too much,? John Herilhy, of Syosset, says. ?It gets too depressing.?
Stock prices hurtled downward in Europe and Asia. The Japanese market Nikkei fell 9.6 percent. Russia's market never opened and other global markets were forced to suspend trading. President Bush tried to reassure investors by telling them not to panic. Anxiety, uncertainty and fear, he says, have driven the markets down.
?The federal government has a comprehensive strategy and the tools necessary to address the challenges in our economy,? Bush said. ?We can solve this crisis and we will.?
Some say after dropping so low, the Dow has no other place to go but back up.
Bush plans to meet Saturday with finance ministers and central bankers from around the world.
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