Crisis Report - 14-10-08
“Panic buying”, but lots more to unfold before we are out of the woods.
In a wave of “panic buying”, New York’s Dow Jones Industrial Average enjoyed its biggest one-day point gain ever on 13-Oct-08, up 936 points. This was the largest percentage gain in 75 years. There were other parallels with the Depression era too, as the gains came on the back of the US government’s (in parallel with several other governments) move to invest in several of the country’s major banks. Markets in Europe, including France, also enjoyed record gains, with several double-digit percentage point gains. London’s FTSE 100 Index rose over 8% and Germany’s DAX gained 11.4%. Japan’s Nikkei, closed yesterday, closed today’s morning session over 1,000 points higher, just above 9,000. [543 words]