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Thursday, October 16, 2008

Asia Outlook

DJ UPDATE: Stks Slide; S&P 500 Loses Most Since Black Monday '87

Wed Oct 15 17:44:34 2008

(Updates with market data in the second paragraph and further company
information beginning in the fifth paragraph.)

By Rob Curran

NEW YORK (Dow Jones)--The 2008 stock-market crash resumed on a Black
Wednesday with the Standard & Poor's 500 suffering its biggest percentage loss
since Black Monday, Oct. 19, 1987. This time, everything from retail-sales data
to a warning from mining giant Rio Tinto to a statement from Federal Reserve
Chairman Ben Bernanke indicated the bank rescue would not prevent a potentially
deep and widespread recession.

The broad S&P 500 index fell 90.17, or 9.03%, to 907.84, its biggest
percentage loss since the 20% decline on Oct. 19, 1987. The Dow Jones
Industrial Average fell 733.08 points, or 7.87%, to 8577.91 for its biggest
percentage loss since Oct. 26, 1987. The Dow trimmed its gains to 1.5% on a
week that started with a "Green Monday" - the biggest point gain ever for the
Dow. After its second biggest point loss ever, the Dow is off 39% from its peak
last October. The technology-oriented Nasdaq Composite fell 150.68, or 8.47%,
to 1628.33, and is now down 1.3% for the week for its lowest close since 2003.

Traders dumped stocks and commodities most tied to economic growth and
consumer spending after U.S. retail sales took the sharpest drop in three years
during S

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