Investors began dumpling stocks on the Tel Aviv Stock Exchange Wednesday afternoon as early indications show another sharp sell off of stocks in New York, where trading has begun at this hour. After beginning the morning with a slight rise, the Tel Aviv exchanges now have registered declines of up to five percent in what appears to be panic selling.
The dollar-shekel rate also dropped sharply Wednesday morning after Tuesday night's announcement by the American Federal Reserve Bank that it is cutting its interest rate by three quarters of a percent. The rate reached 3.68 shekels to the dollar in the morning but now is trading at 3.736.