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NYSE falls 7 per cent on first day of trading after disaster

The New York Stock Exchange closed down 7 per cent yesterday after a day of record trading, as rate cuts on both sides of the Atlantic failed to shore up markets.

The NYSE fall of 684 points, to 8,920, was the biggest fall in the Exchange&#39s history, but is dwarfed by the 22 per cent fall on October 19, 1987.

European markets responded positively, with the FTSE closing up 3 per cent at 4,898, France&#39s CAC up 2.7 per cent and Germany&#39s DAX closing up 2.9 per cent.


Inside edge

Money Marketing recently covered a report by Cap Gemini Ernst & Young which claimed that life companies&#39 consumer-facing-commerce strategies have failed to deliver.This conclusion is not surprising. The industry has been aware for a while now that consumers&#39 use of the internet to purchase financial products, particularly more complex products such as mortgages and pensions, […]

Take the medicine

With NHS waiting lists at over one million there is a lot of consumer interest in private medical insurance, particularly among the corporate sector.Although individual PMI sales are down by 5 per cent since 1997, corporate sales have increased by 1.2 per cent, according to analysts Laing & Buisson. The research shows that since 1990 […]

Pink takes five

Pink Home Loans has introduced a five-year buy-to-let mortgage that allows up to five properties to be bought within a total advance of £500,000.The mortgage is available for loans of up to 85 per cent of valuation and is fixed at 6.65 per cent for five years. Borrowers who pay off the mortgage during this […]

Standard Life cuts term and critical cover rates

Standard Life is slashing rates on its lifetime protection products, including level term insurance and accelerated critical-illness cover under level and mortgage protection plans.The cuts follow Standard&#39s business assurance relaunch in June, which saw it offer flexible options, reduce premiums and set up dedicated underwriting and legal helplines.The latest rate cuts include life term cover […]


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