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Last updated on Friday, October 10, 2008
(NEW YORK, NY) - The stock market continues its downward spiral today as world markets took huge nosedives before the opening of the New York Stock Exchange this morning.
Japan's Nikkei dropped almost 10% last night, making a 24% drop for the Tokyo benchmark since the beginning of this week.
Hong Kong's Hang Seng Index dropped more than 7%, and London's FTSE knocked 9% off their value.
In Vienna, Austria, it was worse as exchange officials called it quits early after a 10% drop.
Today in New York, the morning started off with a near 700 point drop, although the market is sitting at 8326 as of 12:50pm, marking a decline of 252.
Yesterday's tailspin was caused largely by the Standard & Poor's Rating Agency saying it would review General Motors, General Motors Auto Credit and Ford Motor for possible credit rating cuts, raising suspicions over how much longer "The General" will be around.
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