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Ahn Posted 18 years ago
Grammar

on glum economic news

On Tuesday, the Dow Jones industrial average, already down 9 percent in 2008 on glum economic news, plummeted nearly 600 points (5 percent) before rallying after the announcement of an emergency three-quarter-point interest-rate cut by the Federal Reserve, the biggest such reduction in 24 years.

Does 'on glum economic news' mean 'according to glum economic news' ?

Or does it mean that the down of Dow Jones industrial average 'resulted from glum economic news'?



  

Top answer

Ahn On Tuesday, the Dow Jones industrial average, already down 9 percent in 2008 on glum economic news , plummeted nearly 600 points (5 percent) before rallying after the announcement of an emergency three-quarter-point interest-rate cut by the Federal Reserve , the biggest such reduction in 24 years. Does 'on glum economic news' mean 'according to glum economic news' ? Or does it mean that the down of Dow Jones industrial average 'resulted from glum economic news' ?

— Philip

  • Ahn On Tuesday, the Dow Jones industrial average, already down 9 percent in 2008 on glum economic news , plummeted nearly 600 points (5 percent) before rallying after the announcement of an emergency three-quarter-point interest-rate cut by the Federal Reserve , the biggest such reduction in 24 years.
  • Does 'on glum economic news' mean 'according to glum economic news' ?
  • Or does it mean that the down of Dow Jones industrial average 'resulted from glum economic news' ?
  • That's probably what it means .
  • The sentence, however, is poorly written, so don't be surprised that you have trouble understanding it.
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3 Answers
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AhnOn Tuesday, the Dow Jones industrial average, already down 9 percent in 2008 on glum economic news, plummeted nearly 600 points (5 percent) before rallying after the announcement of an emergency three-quarter-point interest-rate cut by the Federal Reserve
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I am pretty sure that it means the later. The glum economic news reduced investors' confidence, and that lead to a drop in the Dow Jones IA.
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Thanks for the answers.
I looked up 'on' in a dictionary, and I found that one of the definitions that 'on' has is 'used to show the basis or reason for sth'.
So can I guess that 'on' in 'on glum economic news' in this sentence fits this definition?
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