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2009: Year of the thaw
Why the great credit freeze of 2008 won't turn into the Great Depression of 2009.
(Money Magazine) -- Well, we were partly right. At this time last year, we said that the stock market would be increasingly volatile in 2008, that home prices would fall further and that a subprime blowup could propel the economy downward.
But not in our wildest dreams did we foresee anything like the kind of jaw-dropping, stomach-churning ride that lay ahead. The economy in recession (as most experts now believe)? The Dow off 40%? Credit markets frozen worse than Sarah Palin's hometown? Precious few saw all that coming.
Peering into the future is tricky in the best of times. But even though predictions always turn out to be flawed - it's impossible for even the smartest experts to nail this stuff perfectly - you cannot build a future without first guessing what challenges you'll face on the way there.
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Global markets advance
Stocks around the world rise modestly, with all eyes on U.S. presidential election.
By CNNMoney.com staff
November 3, 2008: 4:22 AM ET
LONDON (CNNMoney.com) -- Stocks around the world advanced Monday, a day before the U.S. presidential election.
U.S. futures, which give an indication of how markets may open when trading begins in New York, were higher.
Most European markets opened higher. The CAC-40 in France and Germany's DAX rose modestly in the early going. Britain's FTSE 100 was up slightly.
Major markets in Asia advanced, with South Korea's KOSPI index closing up 1.4% after the government announced a stimulus plan.
The Hang Seng index in Hong Kong was up 2.7% in afternoon trading. Markets in Tokyo were closed.
The gains overseas followed a strong finish on Wall Street on Friday. The Dow Jones industrial average, Standard & Poor's 500 and Nasdaq Composite all rose more than 1%.
The rally capped off a strong week at the end of one of the worst months in Wall Street history.
In October, the Dow lost nearly 1,526 points, its worst month ever, according to Stock Trader's Almanac info going back to 1901. On a percentage basis, the decline of 14.1% doesn't rank in the top 10.
The S&P 500 lost nearly 198 points, or 16.9% in the month, and is currently on track to post its worst month ever on a point basis and eighth worst ever on a percentage basis, going back to 1930.
The Nasdaq dropped 361 points, or 17.4% in October, tracking its seventh-worst month ever on a point basis and its fifth-worst month on a percentage basis, going back to its inception in 1971.
From: CNN
CNN Wires contributed to this report. To top of page
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