Mark down Oct. 6 as another dark day in the financial markets as the Dow tumbled below 10,000 for the first time since 2004. Only this time, the U.S. financial markets weren’t alone — the European index saw its largest drop ever, falling some 7 percent.
The Russian market was hit the hardest plummeting nearly 20 percent, according to a story on MarketWatch yesterday, as the Russian market even saw trading suspended at times during the session.
According to various financial reports, the Bush administration’s $700 billion rescue plan won’t unlock the frozen credit markets quickly enough. News of that financial paralysis sent the global markets into panic mode and a selling frenzy.