10 October 2008

Wall Street again in sharp decline after Bush's speech

The New York Stock Exchange went into steep decline Friday after the speech of President George W. Bush assured that the United States would continue to combat the economic crisis: the Dow Jones lost 3.62% and Nasdaq 2.72%.

Towards 14h45 GMT, the Dow Jones Industrial Average (DJIA) Lachi 310.55 points to 8268 points and the Nasdaq, mainly technological 44.73 points to 1600.39 points.

The index expanded Standard & Poor's 500 lost 3.79% (34.02 points) to 875.90 points.

The indices have experienced extreme volatility Friday morning, the Dow Jones had fallen by nearly 8% after the opening, going under the 8000 points for the first time since April 2003.

He was then briefly in the green shortly after 14H00 GMT, a new hosted by cries of joy on the floor of the New York Stock Exchange, according to images broadcast by the financial channel CNBC.

U.S. President George W. Bush called Friday to reject the "uncertainty and fear" which have greatly contributed to the economic crisis and ensured that U.S. authorities had the means to combat it.

The concerns are understandable but "anxiety can fuel anxiety and overshadow the efforts being undertaken," said the American president in a speech broadcast from the White House.

"We can resolve the crisis and we will do," he promised.

"The plan we are following is radical. It is the right thing. It will take time to have any impact," pleaded the president. "It is flexible enough to adapt to changes in the situation. Is sufficiently broad to succeed."

While the major argentiers of the Group of Seven most industrialized countries (G7) meet Friday in Washington to try to find a coordinated response to the crisis, Bush said that "the world is in the process of sending a message equivocal: we are in the same boat and we should draw from it all. "

"The uncertainty has caused anxiety among the people. And that's understandable," said Bush, whose term ends in late January.

"But Americans must know that the U.S. government acts. We will continue to act to resolve this crisis and restore market stability," promised the president. "The Americans can have confidence in our economic future. We know what the problems are. We have the means to respond. And we are working quickly to this end."

Mr. Bush should receive Saturday the finance ministers of the G7

by erectusplus at 17:20:00 |

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