Friday, May 07, 2010

Markets in historic intraday rout

U.S. stocks suffered one of their biggest ever intraday sell-offs on Thursday, wiping out about $1 trillion in market capitalization at one point before prices recovered some of their losses.
Massive selling took place as investors worried about the euro zone's debt crisis, but the Nasdaq stock exchange said it was investigating potentially erroneous transactions.
Below are details of the financial markets' meltdown:
* At its lowest point, the Dow Jones industrial average plunged 998.5 points -- the biggest ever intraday loss in terms of points -- or a fall of about 9.2 percent before recovering some ground.
The index of 30 leading stocks ended down 3.2 percent on the day at 10,520.32, with market capitalization falling $123.5 billion.
* On October 19, 1987, when U.S. stocks plunged in a rout known as "Black Monday" the Dow fell 508.32 points to close at 1,738.40, marking a 22.6 percent loss on the day.
* Between Thursday's open and the low of the day at approximately 2:46 p.m. EDT, the Wilshire 5000 Index lost 1,041.82 points, or 8.51 percent. That fall represented a loss of approximately $1 trillion on the day.
* The euro fell to a 14-month low against the dollar at $1.2510, according to EBS trading platform. It was last at $1.2618, down 1.5 percent on the day and more than 5 percent for the week. So far in 2010, the euro is down nearly 12 percent.
* The dollar dropped to as low as 88.03 yen, according to Reuters data, the lowest since December 2009 and the worst single-day decline against the yen since October 1998.
* Spot gold prices surged as high as $1,210.35 an ounce, up 3.1 percent, the biggest one-day rise since January 23, 2009, and taking gold near an all-time high. Gold later traded up $28.75, or 2.45 percent, at $1,202.95, still the biggest gain since March 18, 2009.
* Yields on U.S. benchmark 10-year Treasury bonds , seen as a safe-haven investment, fell to 3.27 percent, a five-month intraday low, at the height of the stock sell-off.
* U.S. crude oil futures fell as low as $74.58 a barrel, down 7.2 percent, the biggest one-day decline since April 20, 2009. By late afternoon, prices were down $2.99 at $76.95, bringing three-day losses to more than 11 percent in the worst run since February 2009 when oil was trading at $35.
* MSCI Emerging Markets stock index fell as much as 41.11 points, or a loss of 4.23 percent. At the close of trade the index was down 3.047 percent on the day.
* MSCI Latin America stock index fell as much as 360.36 points, or 9.33 percent. At the close of trade the index was down 4.565 percent on the day.

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