27 Sep 2002 Please Don’t Feed the Bears – They’ve Had Enough
Posted at 13:38h
in The Friday Brief
The third quarter is drawing to a close and almost everyone in stocks lost money. European stocks had some of their biggest losses of the past 15 years led by Europe’s largest economy, Germany. The German DAX lost 32%, the largest since its introduction in 1987. The U.K.’s FTSE 100 fell 17% for its largest loss since 1987. France’s CAC 40 fell 24%. Japan’s Nikkei 225 Stock Average declined 12% and reached a 19-year low during the third quarter. Hong Kong, South Korea and Taiwan all lost as much as 10%. Contrary to the trend, Pakistan rose 16% in response to U.S. economic sanctions being lifted. In Latin America, Argentina gained 13%, but Brazil declined 38%, the world’s worst performance for the third quarter. At home, the S&P 500 lost 14%, falling to a 4-year low and the NASDAQ fell 16.4% to a six-year low.