(24 Oct 2008) HEADLINE: Stocks fall on belief global recession is at hand
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CAPTION: Wall Street has ended the week with another sharp loss, joining stock markets around the world that fell on the growing belief that a punishing economic recession is at hand. (Oct. 24)
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[Notes:ANCHOR VOICE]
(HENDERSON) "people came in here thinking
THEY CAME CLOSE TO THAT CLIFF, BUT SOMEHOW MANAGED TO PULL BACK....
(HENDERSON)
AS CORPORATE LOSSES CONTINUED TO POUR IN AROUND THE WORLD….ASIAN AND EUROPEAN STOCKS RECORDED BETWEEN 8 TO 10 PERCENT....INVESTORS WERE SURE WALL STREET WOULD BE NEXT, ESPECIALLY AFTER TRADING HALTED IN THE FUTURES MARKETS PRIOR TO THE OPEN....MANY FORECASTED THE WORST
(SAM STOVALL) "there are limits on the futures as well as limits on the actual trading. They are called circuit breakers mainly to in a sense to stop investors from becoming their own worst enemy by engaging in a cascading panic."
(JASON WEISBERG) "circuit breakers instill fear what they're supposed to do is let people digest what's happened take a deep breath but the reality of it is that it creates panic."
LUCKILY THAT DIDN'T HAPPEN.....BUT THE MARKETS STILL DROPPED TO THEIR LOWEST LEVELS SINCE 2003.....WITH THE DOW DOWN 312 POINTS AT 8,306....THE S&P 500 FELL 31 POINTS AT 876 WHILE THE NASDAQ CLOSED DOWN 51 POINTS AT 1, 552...
(SAM STOVALL) "what this is telling us is that global investors are very very nervous. They really don't want to have long positions over the weekend. They don't want to have exposure to stock over an extended period of time in which additional news could cause the prices to fall further."
(Bob James, 62, New Yorker) "all the pundits have said the market is going to be very volatile for awhile. And no body really knows how long the recession is going to be. One person will say a couple of months another person will say a few months. I think at this time people just have to get the confidence in something and right now it's wall street and I think they are leary of anyone coming in taking over a company could it happen again."
Joanne McCall, age not given, publicist: "it's very scary, it's a frightening time what's going to happen. When I turn on your station later today are they going to be telling me something completely different. Have we fallen another couple of hundred points? Have we gone up? It's like this roller coaster ride. What do we do?"
IT'S A GOOD QUESTION THAT EVEN THE PUNDITS CAN'T COMPLETELY ANSWER.
(BONNY STANDUP)
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