|Financial markets||Major world indicators|
- The 225-issue Nikkei Stock Average closed down 3 percent at 10,155.90 -- its lowest since December 2003. It had traded below 10,000 during the session.
- The dollar rose as much as 1.6 percent against the Japanese currency to 103 yen.
Monday's U.S. Markets...
- The Dow Jones Industrial Average fell 369.88 points, or 3.6 percent, to 9,955.50 -- dropping below the 10,000 mark that was first crossed in 1999. The Nasdaq Composite Index fell 84.43 points, or 4.3 percent, to 1,862.96.
- The 2-year Treasury note rose 9/32 to 101 3/32 and yielded 1.43 percent, down from 1.58 percent late Friday. The 10-year note rose 1 8/32 to 104 16/32 and yielded 3.45 percent, down from 3.60 percent. The 30-year bond rose 2 1/32 to 109 1/32 and yielded 3.98 percent, down from 4.09 percent.
- The dollar traded at 101.61 yen, down sharply from 105.14 Friday while the euro bought $1.3519, its lowest level since August of last year, down from $1.3806 late Friday.
|Ag futures||Yesterday's action and |
- Overnight trade: Check the link for updated prices and/or settlements.
What happened yesterday...
- Corn: Futures ended the full 30-cent daily trading limit lower in all contracts Friday.
- Soybeans: Futures gapped sharply to limit lower, trimmed losses, but then returned lower to finish their 70-cent limit lower.
- Wheat: Futures saw sharp spillover pressure from neighboring pits and widespread commodity liquidation, but avoided hitting limit lower levels.
- Cotton: Futures ended down their full 300-point daily trading limit in most contracts.
- Lean Hogs: Lean hog futures closed $1.05 to $2.72 lower in all but the October contract, which closed 5 cents higher amid short-covering.
- Live Cattle: Live cattle futures finished down their daily trading limit of $3 today amid economic concerns and technical selling.
Agricultural Marketing Service = (A)
Broiler Hatchery (N)
Crop Production (N)
|Overview||Other reports affecting agriculture|
|Major media||Links to top news reports |
with potential U.S. ag impact
Wall Street Journal (subscription to site required for access)
- Markets Fall on Doubts Rescues Will Succeed Fed, UK Weigh More Action as Initial Salvos Fail to Rally Confidence; Dow Closes Below 10000 in Wild Day for World Exchanges European stocks posted their most severe losses in some 20 years while Wall Street was also under pressure as the concerns about the economic/financial situation went global. Some individual countries in Europe are taking dramatic steps while the item notes development of a plan for all of Europe is proving more difficult.
Investors Succumb to Fears of Recession
Global Declines Didn't Spare Many Stock Markets
Lawmakers Lay Into Lehman
U.S. Attorneys Probe if Lehman Misled Investors
EU Fights Irrelevance in Crunch
IRS Lets Firms Tap Cash Overseas
Firms Get 2 Days to Apply for Work on Rescue Plan
Regulators Outline Steps to Quell Crisis
Russian Investors Want Bailout of Bailout
Lessons From the Selloff Editorial
Market Slide Puts a Spotlight on Big Oil's Cash Hoard
Banks' Pain Spreads to Their Suppliers
Delinquencies Are Increasing for Car Loans
- China Bolsters Dairy-Supply Oversight In Effort to Rebound From Scandal China is posting inspectors to monitor dairy companies and imposing rules to improve accountability among milk suppliers, and milk producers must now be able to track raw milk purchases back to the farms that supplied them.
- Labor Woos Whites for Obama Working America, a group formed by the AFL-CIO, has "signed up" 2.5 million members, according to the article, and is trying to persuade them to vote for Sen. Obama.
Independent Voters Move Toward Obama
McCain, Palin Intensify Swipes Against Obama
New York Times (registration to site required)
- Fed Considers Plan to Buy Companies' Unsecured Debt. The Fed and Treasury are mulling a plan that would see them buy up unsecured debt that companies rely on to finance their day-to-day activities. If they do take this step, the article notes that moves the Fed that much closer to directly lending to companies.
Trying to Ease Credit, IRS Eases Loan Regulations
- Global Fears of a Recession Grow Stronger Stocks plummeted overseas as the fears that a global recession is on the horizon spread to markets that were previously not that affected by the U.S. subprime mortgage crisis. And a growing number think the IMF and World Bank don't have the "resources or authority" to address the situation.
A Day (Gasp) Like Any Other
A United Image, Battered by Reality
Financial Crisis Takes a Toll on Already-Squeezed Cities
The Crisis Agenda Editorial.
Emerging Markets Find They Aren't Insulated From the Tumult
- Impartiality of SEC Is Questioned The SEC's inspector general has issued a report on the firing of an SEC attorney and has recommended actions relative to the matter.
- Global Stocks Sink as Crisis Spirals; Fed Moves to Thaw Credit Markets Dow Closes Below 10,000 Despite Late Rally The Fed mulled a step to provide funding for businesses and said it would put another $900 billion into the banking system.
Germany Drafts Plan to Shield Banking Sector
Unfolding Worldwide Turmoil Could Reverse Years of Prosperity
Crisis Is Putting Brakes on Russia's Construction Boom
World's Stock Markets Plunge
Wachovia, Suitors Agree to Truce
With Bubbles Popping Worldwide, No Wonder the Economy's Gone Flat As Economy Slows, Deflation Could Loom
Now, Europe Editorial
- China's Reputation On Product Safety Reaches a New Low Confidence in Chinese goods is at a low point in the wake of the tainted milk scandal.
- Studies Lift Hopes for Great Lakes Wind Turbine Farms A new study predicts that wind turbines along the Great Lakes in Michigan could produce a significant amount of electricity. However, most say the environmental and cost considerations will probably negate the idea.
|Laughing with, not at||From political humorists|
David Letterman: "Wasilla, Alaska, is so small, if you pick up” the town's guide book, "called ‘Things To Do In Wasilla,” it "reads, ‘You're doing it.'”
Conan O'Brien: "The latest political commercial by Barack Obama…attempts to portray John McCain as being unfamiliar with technology.” McCain "was outraged, and he responded in an e-mail, or as McCain calls it, ‘a computer letter from the future.'”