Update
US STOCKS-Stocks sink on fears about China and growth
Tue Feb 27, 2007 6:30pm ET
By Ellis Mnyandu
NEW YORK, Feb 27 (Reuters) - U.S. stocks tumbled on Tuesday, driving the Dow Jones industrial average down in its worst slide since the aftermath of the Sept. 11 attacks, as a sell-off in China's stock market raised concerns that equity valuations may be too high.
A U.S. government report showing a bigger-than-expected drop in January's new orders for U.S.-made durable goods added to investors' concerns about the outlook for economic growth and corporate profits. Those worries added more fuel to the sell-off and helped contribute to a loss of about $600 billion in market value for the day.
The New York Stock Exchange's closing bell was greeted with a chorus of "boos" from the trading floor. A surge in trading volume triggered a technical glitch in late afternoon, contributing to an abrupt swing in the Dow average, which briefly fell 500 points. A Dow Jones Indexes spokeswoman said the glitch did not affect stock prices.
Here's some interesting things that went on in different parts of the world. Some countries like Venesuela and Russia had signifigent gains.
WORLD INDEXES
++++++++++++++++++++++++++
GENERAL IDX Venezuela 51,021.09 +1,404.84 +2.83%
MIB 30 Italy 42,821.00 +364.00 +0.86%
BRSP BOVESPA IDX Brazil 46,207.40 +191.61 +0.42%
WEIGHTED Taiwan 7,900.20 +90.75 +1.16%
MUMBAI BSE SENSEX India 13,649.52 +16.99 +0.12%
While others like the USA, Japan, and Hongkong had signifigent losses.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
NIKKEI 225 Japan 17,464.73 -655.19 -3.62%
HANG SENG Hong Kong 19,512.41 -635.46 -3.10%
DOW JONES IND. USA 12,216.24 -416.02 -3.29%
DAX 30 Germany 6,819.65 -207.94 -2.96%
I don't know what all this means, but it looks like Venesuela is making out OK.
What if they cash in their chips in the morning? Can they do that? $$$
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