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Investors and money managers in Asia were relieved yesterday after the 7% plunge in the Dow Jones Industrial Average, which marked the largest one-day points drop in Wall Street history, did not ignite a calamitous selloff on Asian markets. There was some damage after Washington failed to pass a $700 billion bailout plan for the U.S. financial system, the catalyst for Wall Street's plunge. Japan's Nikkei Index fell 4.1% on Sept. 30; after declining in early trading, stocks in China and Hong Kong eked out small gains. "The reaction was not as bad as I had feared...
...hard to feel like you've dodged a bullet when you are already riddled with holes. Asian stocks have absorbed severe losses this year - The MSCI Asia-Pacific Index is down nearly 30% in 2008, while China's Shanghai market is down 60% from it's January high (The Dow is down 20% this year). Asian shares already took a hit after the rescue package failed to pass over the weekend, with shares in Hong Kong and Tokyo plunging by 5.5% and 5% respectively on Sept. 29. "It's pretty terrible already," Kowalcyzk says...
...Nikkei and Hong Kong's Hang Seng indexes fell by 5% or more in overnight trading before ending Tuesday down 4.1% and .85 respectively; exchanges in London, Paris and Frankfurt all opened slumping before winding up 1.7%, .4%, and 2% ahead. Compare that with Monday's 7% drop the Dow Jones and 9.1% slide on the Nasdaq...
...fate of the $700 billion financial bailout bill is in limbo, following today's surprising and dramatic defeat of the delicately negotiated plan in the House, by a 228-205 vote. With the Dow Jones Industrial Average plummeting (it declined by more than 700 points), President Bush and congressional leaders vowed to bring the package back for another vote as soon as possible - probably later this week - but it was far from clear what they could do to make it any more palatable...
...Monday afternoon, Wall Street basically stopped trading to watch TV - mainly CNBC - to see how the House of Representatives would vote on the $700 billion bailout package. When it first started looking like the bill would fail, the Dow plummeted 389 points, or 3.6%, in just seven minutes. If it had continued at that pace for much longer, this would have been perhaps the most harrowing day in stock market history. It didn't, but things were still really, really bad. The Dow ended the day down 778 points, or 7%, and the S&P 500 - a better measure...