was enormous tension Sunday morning on the Tel Aviv Stock Exchange, the
first market to open worldwide after S&P announced that it was
downgrading the US credit rating from AAA to AA+. The TASE was expected
to fall sharply both because of the downgrading but also because of
losses on global markets Friday when the Israeli exchange was closed.
The Tel Aviv 25 Index was down 6.5 pecent in the opening hour to 1079.13
week the TASE had its worst week since 2008 with the Tel Aviv 25 Index
losing 6.3%. Sunday morning's falls were the Israeli markets eighth
straight day of losses.
Minister Yuval Steinitz reportedly consulted with economic experts
Saturday night and decided to close the stock exchange should the falls
reach panic proportions.