Stocks recover smartly after biggest fall ever on Dow.
By Raif Karerat
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Friday’s stock market implosion capped a series of tumultuous trading that saw U.S. markets plunge more drastically than it has in years. Within minutes of the first trades Monday morning, the Dow Jones industrial average plunged more than 1,000 points, a decline of 6.6 percent, while Nasdaq fell more than 8 percent.
Among the companies that lost significant value during last week’s dip were several international entities from India.
Infosys, one of the India’s most recognized proprietors of consulting, outsourcing, and information technology, was among the biggest losers. According to the Dow Jones Industrial Average at the time of publication, Infosys stock fell 4.75 percent to $16.24 over the past five days, a drop of 80 cents on the dollar.
Meanwhile, on the Nasdaq ticker Infosys has fallen 4.46 percent, or 76 cents, to settle at a price of $16.29.
Tata Motors, a major cog in the machine that makes up India’s largest conglomerate, took a hit of 5.44 percent over the past five days on the DJIA, losing 1.33 cents while sliding to a final share price of $23.13.
India’s foremost titan of industry fared slightly better on the Nasdaq stock market, slipping 5.31 percent and losing $1.30 on the share to drop to $23.16.
ICICI, a staple of banking for Indian expatriates who reside around the world, fell to $8.64 on the Dow Jones index, dropping 45 cents for a total loss of 4.84 percent.
Over at the Nasdaq market, the Indian financial institution slouched by 5.17 percent, or 47 cents, to end up at $8.62 per share.
The Dow opened Monday’s trading down more than 10 percent from its all-time high in May.
The market’s last correction was in April 2011. Jim Kramer of CNBC noted out that the American economy is much healthier than it was then. Unemployment in April 2011 was 9.1 percent, compared with 5.3 percent today.
He also cautioned that some of the factors that could send the U.S. market far lower are unlikely — a significant rise in unemployment, a spike in interest rates or inflation, or a banking crisis.