Israeli stock market down 6%
Dual listed stocks (mostly NASDAQ) down between 4% and 12%
TEVA down 6%
The Tel Aviv Stock Exchange opened to major losses Sunday, as indices plunged by more than 6 percent, immediately prompting a series of brief suspensions in trading. Upon opening, the TA-25 fell 5 percent to 1,100 points; the TA-100 plunged 5.2 percent; the TA-Banking Index dropped 5.3 percent; and the TA Real-Estate 15 fell 6.4 percent.The losses come as the international markets were left reeling by the announcement Friday that Standard & Poor’s had downgraded the U.S. credit rating for the first time in history. Trading began for several minutes in Tel Aviv on Sunday, but suspensions began almost at once, as the bourse reverted to what has been dubbed an “English opening.”
Wow oh wow. Within minutes, they had to suspend trading. Looks like the downgrade is having international consequences. Monday looks like it will be a solemn day for the Markets here in the US.
I wonder about the future of the world's economy. I wonder, is there really something to the "quickening"
Saudi Arabia's stock market dropped 5.46pc on Saturday as it became the first exchange to react to the historic US credit downgrade.
The Tadawul All-Shares Index closed down 350.43 points 6,073.44 as all shares tumbled following a tumultous week for global markets which was capped by Standard & Poor's cutting the US credit rating over its $14.3 trillion deficit and debt.
"The S&P rating and problems in Europe... have scared investors," said financial analyst Abdulwahab Abu Dahesh.
The Saudi market was the first to react globally to the S&P statement late on Friday, with the start of the trading week in Saudi Arabia, while all other markets remained shut for the weekend.
Predictions for Monday 8/8/11
I believe we will see a complete turn around of the rhetoric come Monday.
During the entire debt ceiling debate we all heard how terrible it would be for the US to lose it's triple A rating.
Monday will be damage control, we will begin hearing that "well it was inevitable, but it's really not that bad. We still have a double A+ rating."
The fact of the matter is that this was inevitable, because we have many people in this country who do not understand economics. We just can't keep printing money and borrowing without something to back it up.
Don't believe the hype come Monday, we lost our triple A rating and yes, that is a terrible thing.
We won't know how terrible until Monday.