Dow goes through worst ever two-day losses since 1987 (Lead)November 7th, 2008 - 11:50 am ICT by IANS
New York, Nov 7 (IANS) As fear of prolonged recession gripped traders, US stocks continued to tumble for the second consecutive day Thursday, with the benchmark Dow Jones Industrial Average dropping by 443.48 points.Dow has lost some 929.49 points after Nov 4 US presidential election, which was won by Barack Obama, thus making it the worst ever crash in percentage terms in two consecutive trading days after the crash of October 1987.
There was no good news coming from the other trading market as well. While the Standard & Poor’s 500 index lost five percent, that of the tech-focused NASDAQ dropped by 4.3 percent.
The worst hit was General Motors, whose stocks dropped 13.7 percent. This followed after its North America chief said in a statement that the next 100 days are going to be crucial for the struggling US auto industry.
Analysts said the alarming drop in stocks is mainly due to the fear among the traders that there is not going to be much improvement in the US economy in the near future.
Indian companies did not remain untouched in this overall depressing scenario. Almost all the Indian stocks listed at the New York Stock Exchange (NYSE) dropped significantly when trading ended Thursday.
For instance stocks of Wipro dropped by 8.56 percent, Satyam Computers 7.19 percent, Patni Computers 6.14 percent and that of Tata Motors Ltd 3.84 percent.