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CNN Live Today

Investors Closely Watching Stock Markets Today

Aired July 22, 2002 - 10:03   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
DARYN KAGAN, CNN ANCHOR: We move on to business news now, the woes of WorldCom and its impact rippling across world markets.

Officials of the telecom giant, the nation's second largest long distance carrier, held a news conference last hour to discuss their newly-filed bankruptcy. This is the largest such collapse in U.S. history, a tailspin triggered by an accounting scandal that concealed nearly $4 billion in debt.

We want to gauge now how those words are registering on Wall Street and take a quick look at the Dow. Right now, the Dow is actually up to start the day, up 35 points. The Nasdaq, however, is down just barely a sliver, .02 of 1 point. We will be checking on that.

For a closer look at the markets and public reaction, we are going to turn to our Michael Okwu. He is in New York's Time Square, sometimes called the crossroads of the world. No shortage of folks to check in on with their opinions.

Michael -- good morning.

MICHAEL OKWU, CNN CORRESPONDENT: Good morning to you, Daryn.

The crossroads of the world and one of the few places in New York where anyone from wherever they are in the world can gauge how the market is doing. Just to my left, there is the Nasdaq, and there are tickers all over this place showing how the stock market is doing today.

All morning, we have been talking to tourists, as well as New Yorkers -- native New Yorkers here who are invested in the stock market, who say that they have been -- that they are watching with baited breath, gauging to see what will happen with the stock market today, particularly following Friday's really very low close.

A lot of the people tell us that they have their retirement savings really wrapped up in this stock market, and that's why they are watching, but so many of them, even though they are biting their fingernails, tell us that they are going to ride it through.

They tell us also that they don't have a great deal of faith in the economy right now, that they really want to just sort of wait and get a sense of what might happen, particularly regarding some of those corporate responsibility issues that have come up in the most recent weeks, particularly having to do with WorldCom.

Daryn, there's no one to talk to right now. It turns out that so many of the people we talked to this morning had to actually get to work, so that they could see what was happening at the stock market, so they can make sure to make some money. But that's what most people have been telling us this morning -- Daryn.

KAGAN: Well, those of us lucky to have job in this economy are smart to get to work on time. Michael Okwu in Times Square, thank you so much.

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