Stocks Fall Sharply Near Close Amid Panicky Selloff
Stocks slipped near the close as panic swept markets in Southeast Asia. The Dow dropped about 127 points to 7,691, with losses accelerating late day. South Korea faced a potential national bankruptcy risk after a 7.5 percent stock plunge and a downgrade by S and P, while Europe offered a cautious contrast with gains in Germany and Britain.
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New York
Southeast Asia
Dow Jones
South Korea
Standard & Poor’s
U.S
World Bank approves rapid $3 billion loan to South Korea
The World Bank approved a rapid 3 billion dollar loan to South Korea to avert loan defaults and stabilize the economy amid the Asian crisis. The move is part of a broader 57 billion dollar bailout package tied to IMF efforts, with additional short term loans due in January and expectations of up to 10 billion from the World Bank.
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Kim
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James D Wolfensohn
U.S. Treasury
David Lipton
Lee Kyung-shik
Central Bank
Economic indicators Up but Asian crisis may blunt growth
The GDP rose 3.1 percent in July September while durable goods orders jumped 4.8 percent in November led by transportation. Excluding transport, orders fell 0.2 percent signaling cooling demand. Analysts foresee growth easing to 2.0 2.5 percent next year with possible Fed rate cuts to support expansion.
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U.S
Bruce Steinberg
Merrill Lynch & Co
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Fed
Steinberg
University of Michigan
Ard
Defense
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