Futures Can’t Go Any Lower
Oct 24th, 2008 | By Contrarian Profits | Category: Financial News“Monumental beating” is how MarketWatch is calling it this morning for U.S. stocks.
U.S. stock futures pointed to another monumental beating on Friday – with leading contracts falling as much as rules allow — as a plunge in Asia reignited concerns about the health of the global economy.
S&P 500 futures dropped 60 points to 855.20 and Nasdaq 100 futures fell 85 points to 1,168.50. Dow industrial futures fell 550 points.
All three contracts fell so much that they reached pre-specified limits that can’t be broken until pit trading opens.
Thursday’s session for U.S. stocks was erratic but generally positive, with the Dow Jones Industrial Average closing 172 points higher and the S&P 500 rising 11 points, though the Nasdaq Composite slipped 11 points.
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