US market tumbled Friday after a plan to alleviate a liquidity crisis at Bear Stearns Cos. touched off concerns about the severity of credit troubles. The Dow Jones Industrial average dropped 194.65 points to 11951.09.
The Standard & Poor's 500-stock index closed down 27.34 and the Nasdaq composite index fell 51.12 to 2212.49.
The fell of US markets might affect the markets in our region today.
However, there are news coming out from the US financial circle that the Fed might further cut rates to rescue the markets. If it is true, the markets will stage a rebound.
Liquidities have flowed to the commodity markets because they felt that the latter are safe heavens.
It was reported that stock market investors Friday were eyeing dwindling dollar and events in the soaring commodities market. Gold prices touched another fresh record at US 1005.5.
Light, sweet crude, which set a fresh record Thursday, fell 12 cents to $110.21 per barrel on the New York Mercantile Exchange. At press time, it is reported at 110.15. Oil came close to its record of $111 set Thurday.
The original report is in Chinese and it is published in Guang Ming Daily on Monday(March 17,2008) Penang Edition.