From Monday the 27th to Halloween Friday- Here is the news for this week’s economy.
Monday- October 27, 2008
Open:8,375.92 Close:8,175.77
“Bankruptcy fears rise as GM and Chrysler seek US aid”
General Motors and Chrysler begin to explore a merger between their companies to try and save themselves. A Michigan task force works to curb the potential job losses from car manufacturer layoffs.
Tuesday- October 28, 2008
Open: 8,178.72 Close:9,065.12
“The Buck is Back”
As the world economy falls, the Dollar is back! Around the globe, as people sell off their investments they are working to shove all of their money into the Dollar.
Wednesday- October 29, 2008
Open: 9,062.33 Close: 8,990.96
“Stocks take Big Leap as Investors Await Fed”
The dow leaped over 10% (nearly 900 points) to break the $9000.00 threshold again due to hopes of a potential rate cut.
Thursday- October 30, 2008
Open: 9,004.66 Close: 9,180.69
“Fed Steps up Assault on Slump”
The Feds return to a 1% interest rate, unseens since 2003. China and Norway joined the Feds in their rate cuts.
Friday- October 31, 2008
Open: 9,198.73 Close: 9,336.93
“Securities Firms Tackle Pay Issue”
Wall street’s top executives are in talks to possibly cap their own compensation.