Tags: Tel Aviv | Stock | S%P | Downgrade

Tel Aviv Stock Market Crashes as Panic Grips

Sunday, 07 Aug 2011 01:11 PM

By Newsmax Wires

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Hysteria swamped the Tel Aviv Stock Exchange (TASE) today when the Tel Aviv 25 Index plunged 7 percent to 1,074.27 points, according to Globes.

The opening of trading was delayed nearly two hours, from the usual 9 a.m. to 10:44 a.m. when the automatic shut-off kicked in, Globes reported.

The panic came on the heels of the TASE's worst week since 2008, exacerbated by Standard $ Poor’s downgrade of U.S. credit Friday night and Friday's steep drops in international stock markets. Also contributing were fears that Europe’s debt crisis will spread.

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