TSX dips below 10,000
06.10.2008 18:06
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- Source: cbc.ca
 Three-month trading in the TSX/S&P North American stock markets plunged again Monday, driven by economic doubts and concern about the $700-billion US bailout of the American financial system. In both New York and Toronto, indexes fell through the 10,000 level in early trading, rebounded slightly, and then fell again by mid-afternoon. The TSX/S&P was last at 10,000 when it was going up on June 22, 2005. | Bad days on the TSX |
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| Date | Drop (points) | Drop (%) |
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| Sept. 29 | 840.93 | 6.9 |
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| Oct. 2 | 813.97 | 7 |
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| Source: CBC |
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By 2.35 p.m. ET Monday, it was down 920 points, or 8.5 per cent, to 9,883. It had been down as much as 1,180 points or almost 11 per cent. The TSX began to drop in the summer, but the fall has become steeper since late August, and trading in late September and October has been frantic, with frequent big drops. In New York, the Dow Jones industrial index was down 691 points, or 6.8 per cent, to 9,625. That's the lowest level in four years. Worldwide, investors were concerned with the effectiveness of the U.S. bailout, signed into law by President George W. Bush on Friday. It will take some time to implement and may not be enough to turn around the credit crunch, critics have said. The credit crunch is threatening to choke the supply of loans to borrowers. As that happens, the economy will seize up.
'The markets need to correct themselves, and the government can do little to stop it.' --Brendan
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