CBS News - Desert Storm - 1991-01-17 - 4 p.m. (E)
Channel: malgent
Uploaded:
Duration: PT3694S
Read a transcript preview of “CBS News - Desert Storm - 1991-01-17 - 4 p.m.
Transcript preview
Language: English (original, YouTube automatic captions)
[0:11] We take you live to the New York Stock
[0:13] Exchange uh where the final bell is just
[0:16] ringing and on a a history-making day in
[0:19] the New York Stock Exchange. Really, our
[0:21] Rob Mchuan is there.
[0:23] >> And with a moment of silence for the
[0:25] troops in the Gulf ended, as you heard,
[0:27] with a cheer. Uh the applause this
[0:29] morning was for the men and women of the
[0:30] military. This afternoon it was probably
[0:32] for the traders and investors
[0:33] themselves. It was quite a day on Wall
[0:36] Street. I'm going to look at the board
[0:37] right now to tell you how it ended. The
[0:39] Dow Jones Industrial Average ended at
[0:41] 262153 up 112.62
[0:45] on 314,6
[0:47] sorry 314 million 627,000
[0:51] shares. The big story was oil. It
[0:53] declined and dramatically so at one
[0:55] point so quickly that it tripped the
[0:57] automatic shutdown at the New York
[0:59] Merkantile Exchange. That happens when
[1:01] the price goes up or down by $7.50 a
[1:04] barrel. And trading was resumed an hour
[1:07] later. Oil closed at $21.30 a barrel,
[1:10] down a whopping $10.70
[1:13] a barrel for the February crude
[1:15] contracts. That's the largest one-day
[1:17] decline in history. And that traditional
[1:19] safe haven in uncertain times, gold was
[1:21] down in a whopping way as well, down
[1:24] $3010 an ounce, closing at $3740.
[1:30] And internationally, excuse me,
[1:31] internationally in other markets, the
[1:33] story was much the same. Stocks up, gold
[1:35] and oil down. So for now, the traders
[1:38] and investors here go home to watch the
[1:40] events in the Gulf develop and unfold
[1:43] later this evening and to wonder, I
[1:45] suppose, what they will mean for them
[1:46] tomorrow.
[1:47] Robert Huan at the New York St