Stock prices around the world have fallen drastically on concern the global
financial crisis is worsening.
Japan's Nikkei index plummeted nearly seven percent (570 points) Thursday, after
Japan reported its exports fell to a six-year low, in part, to decreased demand
from the United States.
Stocks in Europe were lower during midday
trading. The CAC-40 in Paris was down more than two percent as French President
Nicolas Sarkozy unveiled a $25 billion government fund to help struggling French
A new report from the United States shows the number of people
signing up for unemployment compensation hit a 16-year high last week. Earlier,
Federal Reserve experts predicted the unemployment rate would rise more, above
seven percent next year.
Thursday's global sell-off follows Wednesday's
major losses in the U.S. The Dow Jones lost five percent by the closing bell,
while the Standard and Poors 500 plunged more than six percent - the lowest for
both indexes since 2003.
The markets fell on news Wednesday that U.S.
consumer prices fell by one percent last month, the biggest drop since 1947.
Some information for this report was provided by
AFP, AP and Reuters.