Israel’s stock market losses, while not as indicative of the global markets as those of Europe and Asia, are notable for their size – the Tel Aviv 25 index closed down 7 percent Sunday, after opening down 5 percent. It was the sharpest drop in one day since the Second Intifada in 2000 and exceeded even the losses during the global economic crisis in 2008, Haaretz reports.
The Tel Aviv exchange was on its way back up as it opened Monday, and by the end of the day, it closed with a 1.5 percent climb.
Sunday’s drop was not only in reaction to the US downgrade. Economic protests that have been going on for weeks are also taking their economic toll and likely contributed to Sunday’s alarming market news, according to Haaretz.
