Australian stocks hit but no time for panic

[rooboy]

The Australian sharemarket has taken its biggest three-day plunge since the September 11 terrorist attacks of 2001, with $42 billion wiped from the market in the past few days.

Fear among US investors of a weakening US economy and a resulting hit to the earnings of companies took Wall Street into a downward spiral last week and Australian stocks have been dragged down with them.

While the falls have been heavy, Australian investors have remained relatively cool-headed about the state of the local market, expressing faith in the strength of the local economy and the earnings capability of Australian companies.

Today the benchmark S&P/ASX200 slumped 54.9 points to 3959.4, a fall of 1.4 per cent, while the All Ordinaries Index dropped 56.9 points to 3936.5, also off by 1.4 per cent.

The falls, which followed heavy losses last week, were sparked by a plunge in US stocks which hit five-and-a-half month lows after poor results from IBM raised concerns about the upcoming earnings season and a possible economic slowdown.

http://www.smh.com.au/news/Business/Australian-stocks-hit-but-no-time-for-panic/2005/04/18/1113676698691.html

[rodeodance]

1. 42 billion seems a lot to be 'cool' about. well, ours open in about 20

minutes-

[bemildred]

2. Yup, sure don't want to panic, at least not until the big boys bail out.

:puke:

[cliss]

3. Domino #1?

I believe the grooves in Bush's forehead seem deeper lately.....John Snow's bags seem a little puffier under his eyes.

...and Cheney's heartbeat.....well, only his pacemaker knows for sure.

This promises to be an interesting week.