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Prediction Market Gamblers Believe DOW Will Close Lower on Friday

Written by:
Jagajeet Chiba
Published on:
Oct/09/2008

With the Asian markets crashing early on, gamblers at www.intrade.com have been betting at a 60 percent clip or better that the DOW will close down by 25 points or more on the previous close from Thursday. In fact, intrade was giving the DOW closing at 100 to 124 points over Thursday a 61.5 percent chance of occurring.

U.S stocks tumbled for a seventh straight session on Thursday as investors bet recent moves by authorities worldwide to thaw frozen credit markets would not be enough to avert a global recession.

The Dow Jones industrial average .DJI sank 668.40 points, or 7.22 percent, to end unofficially at 8,589.70, based on the latest available data. The Standard & Poor's 500 Index .SPX tumbled 74.58 points, or 7.57 percent, to finish unofficially at 910.36. The Nasdaq Composite Index .IXIC plummeted 95.21 points, or 5.47 percent, to close unofficially at 1,645.12.

A year ago today, the Dow closed at a record high above 14,000.

The Asian markets opened Friday with Japan's Nikkei index falling more than 10 percent in early trade following massive losses on Wall Street.

The benchmark Nikkei 225 index has plunged 991.82 points, or 10.83 percent, to 8165.67.

South Korean share prices have also plunged 8 percent in early trading, with the benchmark Korea Composite Stock Price Index off 8 percent, or 104.11 points, to 1,190.78 in the first 30 minutes of trading Friday.

The sell-off in Tokyo and Seoul comes after the Dow Jones industrial average Thursday dropped a staggering 679 points, or 7.3 percent, to close below the 9,000-line for the first time in five years.

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Jagajeet Chiba, Gambling911.com

Business/Financial News

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