World financial markets continued their downward slide yesterday amid fresh worries that declining corporate earnings could further soften the used jet market and adversely impact future deliveries of new business airplanes.
The Dow Jones Industrial average lost a record 800 points yesterday before a late-day rally cut the decline to 370 points. The Dow closed below 10,000 for the first time since 2004. Meanwhile, the price of light sweet crude on the NYMEX dropped below $88 a barrel, its lowest price in the last nine months.
The economic turmoil has had an impact on business aviation, with charter operators and FBOs reporting a slowdown in activity in recent months.