It's ugly out there.
Following yesterday's plunge in the U.S. stock markets, the markets overseas are following suit across the board. In Asia, the Nikkei had its second huge drop in a row -- 9.6 percent -- resulting in a 25 percent loss in the last five days. The Hang Seng also fell 7 percent and the DJ Shanghai fell 5 percent.
In Europe, the markets were also deeply in the red. The DJ Stoxx index fell 8.5 percent and London's FTSE fell 8 percent. In Moscow, the government closed the markets and agreed to put up $36 billion in a bailout for its banks.
We'll be watching the market open today, but so far futures are far into the red. With the huge loss of confidence in the U.S. financial system, some are now questioning American capitalism altogether. Read about it in today's Post story by Anthony Faiola.
There is a sliver of bright news this morning: General Electric said this morning that its net income fell 22 percent, which is normally not something investors would cheer. But the performance was within the company's target, and CEO Jeffrey Immelt said the company was on track to earn $9 billion this year.
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