World Stock Markets Plummet as Economic Tensions Increase
World stock markets plummeted as global economic and territorial tensions increased this month.
According to the report, Dow Jones industrial average dropped below the 10, 000-point level on Tuesday after hitting its recent high of 11, 205 in April 26.
Tension between North and South Korea and the worsening global economic sentiments started to take its toll as world stock markets plummeted on Tuesday, suggesting that traders are now beginning to shy away from stocks.
In New York City, Dow Jones Industrials reported that its stocks dropped below the 10, 000 mark (9,859.76 points) after falling about 206.51 points or 2.1 percent average.
It will be recalled that Dow Jones closed the trading at 10, 066 on Monday and has fallen more than 12 percent (1, 346 points) after registering recent high of 11, 205 in April 26, 2010.
Many of the investors have exited euro and commodity trading like oil, and began looking for safer investment in Treasury, sending yields and interest rates lower..
Meanwhile, in a separate report, Standard & Poor’s and Case-Shiller noted that the home price index in some 20 cities in the US has fallen around 0.5 percent in March.
The report also suggested that the housing industry remained weak in as mortgage loans continued to be at its lowest point.
The group also expected the figure to go up as government subsidy expires adding the “dark mood” for the housing market.
“The end of the government bailout package for the industry will definitely hurt many of the companies investing in the housing market,” the group said in a statement.
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