News / US Equities
The one thing we hoped would not happen became a reality last night as the US Congress rejected the $700 billion bailout package. Because of this, the DJIA broke down further around 1p.m. (1a.m. our time). The index was already down around 300 points at 12 noon and the rejection triggered the market to panic sell and end much lower by 777 points to close at 10,365.45. This is the biggest single day point drop so far. The biggest single day percentage drop is still the 22.6% drop on Oct. 19, 1987, aka Black Monday. We expect all global markets including the PSE to follow suit. We recommend liquidating your positions if possible. For those who are liquid, we recommend staying liquid due to all the uncertainties.
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