Morning Briefing

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.

--Sara Goo

October 10, 2008; 7:31 AM ET  | Category:  business
Previous: GM: Bankruptcy 'Not An Option' | Next: Where Is the Bottom?

Comments

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dont panic

its to late anyway to do any good

Posted by: pvogel88 | October 10, 2008 7:47 AM

Last night, the "secret ingredient" on The Iron Chef was pinto beans.

That can't be a good sign.

Posted by: War Eagle | October 10, 2008 8:46 AM

Ugly days are good days to shop for art and the market can take care of business. If you aren't in a shopping state of mind, get the oils out and create a new creation. This is a great time to paint and reflect. It's not the best time to sell. Somebody is always buying. It looks like a busy day at the Post. Staying busy means you don't have time for fear. Everybody has spare change and Wall Street is looking like a beggars banquet. I'm getting a load of topsoil today, so there's always money for dirt. Try paying people with dirt and see how far you get. Gas has come way down, so hauling the dirt is less expensive. Keep excavating, dig.

Posted by: IV | October 10, 2008 9:21 AM

Yay! The Dow's up! We're all saved!

Posted by: Anonymous | October 10, 2008 3:39 PM

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