[R]4:00PM New York, 10:00PM Frankfurt, 8:00AM Sydney[/R]

[R]Global Markets Indexes[/R]

Dow Jones Industrial Average closed down 174.77 or 1.32% to a close of 13,165.49, S&P 500 edged lower 1.51% or 21.79 to 1,446.06, and Nasdaq Composite Index traded down 61.28 or 2.24% to a close of 2,574.46. In Toronto TSX Composite lost 296.11 or 2.17% to close at 13,378.12.

Of the 30 stocks in Dow Jones Industrial Average, 6 closed higher, 24 closed lower, and none were unchanged.

Caterpillar led the decliners in the index with a loss of 3.1% followed by losses in Alcoa of 3%, in Verizon of 2.5%, and in Microsoft of 2.3%. Citigroup led the gainers in the index with a rise of 1.3% followed by increases in Wal-Mart of 0.9%, in Honeywell of 0.4%, and in American Express of 0.2%.

Of the stocks in S&P 500, 104 closed higher, 392 fell, and 4 were unchanged.

Sixty six stocks fell more than 3% and seven stocks rose more than 3%.

Ingersoll-Rand led the decliners with a fall of 13% followed by losses in National oilwell of 9.2%, in Freeport McMoran of 7.7%, and in Novell of 7.9%. Trane led the gainers in the index with a rise of 22% followed by increases in Ambac of 17%, in SLM Corp of 4.6%, in MBIA of 3.9%, and in J C Penney of 3.7%.

In London FTSE 100 Index closed down 119.20 or 1.86% to 6,277.80, in Paris CAC 40 Index decreased 90.48 or 1.61% to close at 5,514.88, and in Frankfurt DAX index decreased 122.92 or 1.55% to close at 7,825.44. In Zurich trading SMI closed down 131.27 or 1.51% to 8,544.59.

In Tokyo Nikkei 225 Index added 264.72 or 1.71% to close at 15,249.79, in Hong Kong Hang Seng index closed down 967.06 or 3.51% to 26,596.58, in Australia ASX 200 closed higher by 228.20 or 3.52% to close 6,263.50.

In South Korea Kospi Index decreased 55.23 or 2.91% to close at 1,839.82, Thailand closed down 15.67 or 2.55% to 598.41, and Indonesia edged lower 75.14 or 2.74% to 2,664.92. India lost 769.48 or 3.84% to 19,261.35.

In Latin Markets Peru led the decliners with a fall of 4.95% followed by decreases in Brazil of 4.2%, in Mexico of 3.4%, in Chile of 2.7%, and in Argentina of 2.6%.

Bond Yields increased on 10-year U.S. bonds to 4.19% and 30-year bonds rose to 4.62%.

[R]Commodities, Metals, and Currencies[/R]

Crude oil fell $0.57 to close at $90.70 per barrel for a front month contract, natural gas decreased 1.5 cents to $7.01 per mBtu, and gasoline futures decreased 3.80 cents to close at 233.79 cents per gallon.

Gold edged higher $1.30 in New York trading to close at $799.30 per ounce, silver closed down 3 cents to $13.98 per ounce, and copper for front month delivery lost 6.75 cents to 288.90 per pound and in London futures rose $34.50 to $6,516.00.

Dollar edged higher against euro to $1.4395 and lower to 113.026 yen.

[R]10:30AM New York – Stocks in New York fell on the weakness in financial and real estate sector and worries on the rising inflation and a weakness in global markets.[/R]

News of three large deals in the early morning was overshadowed by the inflation worries and economic slow-down, and weak global markets.

In the overnight trading Asian market fell sharply led by nearly 4% loss in India and more than 3% losses in Australia, Singapore, and Hong Kong. Japan fell 1.7% on the weakness in financial stocks.

After 45 minutes of trading, Dow Jones Industrial Average declined 95.27 or 0.71% to 13,244.58, Nasdaq lost 26.96 or 1.02% to 2,608.78, and S&P edged lower by 11.68 or 0.8% to 1,456.27.