November 16th, 2010

Dow Jones DOWN Amid Worries! (DJI, NASDAQ) Stock Market Today is down amid worries about the world economy.  Reports are surfacing that Ireland only has enough cash to pay its bills through the spring, at which point it could need a bailout in excess of 100 billion – similar to the recent Greek Crisis.

Irish authorities have blamed the country’s problems on market instability.  Still yet, this is just another shoe dropping in what has been a global catastrophe.

Across the world in China, Chinese authorities have said that they are going to raise interest rates in order to thwart rapid growth, which is going at a far too fast pace.

The global markets are down, with Hong Kong’s Hang Seng falling 1.4 percent Tuesday. The FTSE in Britain was down 2.3 percent.

In the United States, the Dow Jones Industrial average dipped below 11,000 points for the first time in over a month before recovering some intraday losses to close down 178 points to close at 11,024 – dangerously close to the 11,000 mark that analysts say is a very big psychological barrier.

The NASDAQ Composite closed down 44 points to 2,470.

Many analysts don’t think that the rest of the week will be any better. What are your thoughts of the Dow Jones being down amid worries? Do you think that the Dow Jones Industrial Average will recover through the week?