10/24/2008 - October Blues

On this day back in 1929, the market started to crash, thanks to a wave of panic selling on the NYSE. October 24, 1929, known as Black Thursday, marked the first day of panic selling that ultimately led to...you know....five days later.
Photo courtesy of ClusterStocks
October 24, 1929 - a date to remember
Photo courtesy of Telegraph.co.uk
From Floyd Norris:

Here are some October performances, through a few minutes ago. In each case, I took a major index from the country in question. All figures are in U.S. dollars.

U.S., down 26%
Canada. down 37%
Mexico, down 44%
Argentina, down 43%
Brazil, down 48%
Chile, down 30%
Peru, down 42%

Britain, down 31%
Germany, down 35%
France, down 31%
Switzerland, down 20%
Italy, down 30%
Ireland, down 35%
Iceland, down 83%
Netherlands, down 35%
Belgium, down 37%
Denmark, down 35%
Finland, down 26%
Greece, down 45%
Poland, down 46%
Czech Republic, down 45%
Russia, down 53%
Hungary, down 50%
Lithuania, down 37%
Turkey, down 50%
South Africa, down 42%
Israel, down 22%

Japan, down 23%
Hong Kong, down 30%
China, down 21%
Taiwan, down 23%
South Korea, down 46%
Australia, down 34%
New Zealand, down 25%
India, down 36%
Singapore, down 35%

The variance is not that great, with the exception of poor Iceland. And remember that prices were way down from last year before October began.

You will note that the United States is among the best performers. Don’t you feel better now?

Spain, down 33%

Traders in Frankfurt. (Kai Pfaffenbach/Reuters)
Related Posts :

1. Trading in the panic mode, futures halted
2. Markets are in absolute freefall
3. 10/23/2008 Market Recap-US Flat, Asian Sink

Sources :

Floyd Norris: United Panic, October 24, 2008, 08:52 am

Please Note!
This is generally never true. Before buying or selling any stock you should do your own research and reach your own conclusion. See my Disclaimer on the bottom for more information.

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