The Dow lost 777 points yesterday. Sounds like a game…we lost points. Yes a 10% drop (Note – On "Black Monday", October 19, 1987, the Dow fell 22.61%).Yes today there was a loss of $1.2 trillion.I always ask the question on days like this…”Where did that money go?” OK how did the hosting industry fare. * Level 3 -16.00% * Limelight -14.50% * Internap -13.90% * Digital Realty Trust -13.60% * Equinix -10.60% * Savvis -10.20% * NaviSite -8.30% * Terremark -5.90% * Rackspace -3.70%Yes a bit of a slide.In Europe most exchanges dropped 3-5%. That was in the anticipation of the $770 billion bailout. In contrast the TOKYO Nikkei Stock Average fell 1.3%. – Tokyo trading ended well after the bailout vote collapsed. This could be a theme.I doubt if the foreign markets see this as wise. They origionally thought our government was acting rashly, tryng to spend $770 billion overnight. Now they know our legislatures have been working on this for 5 days, they have acted prudently. They have scaled it down to about $150 billion a day. Isn’t it time for a coffee break?In my last Blog I suggested that hosting companies look to Europe as a financing source. A reminder that the Concorde is no longer in service.Most of this was witten overnight – but as of this writing the Dow is up 200 points.
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