It appears until the United States Government delivers a signed and sealed document of its proposed $US700 billion ($NZ1060 billion) rescue plan, covering the bad mortgage debt crisis, investors will not settle easily.
Wall Street had rallied somewhat last Thursday and Friday from major losses earlier in the week, which was repeated by Asian and Pacific markets on Monday.
However, Wall Street resumed trading for the week after markets in Australia and New Zealand had closed on Monday and billions more were shed in company values.
Wall Street's three major indexes were down between 3.2% and 4.1%.
ABN Amro Craigs broker Chris Timms said the proposed US rescue plan still had to go through Congress for approval, which could be as late as next week, giving little certainty to investors in the short term.
The global exodus from shares to gold and oil stocks during the past three trading days revealed the extent of investor confusion, he said.
"I would expect a sustained rally, once the the details of the [rescue] package are revealed, understood and signed off. Until then, it will just add more uncertainty."
Reflecting the Asia-Pacific losses yesterday, major New Zealand shares just prior to closing were slipping in value, with Telecom down 0.7% at $2.80, Contact Energy down 1.25% at $8.59.
Fletcher Building down 0.4% to $7.29 and Auckland International Airport down 1.46% at $2.03.
The NZX SE 50 swiftly lost 1% on opening yesterday and at the 5pm close was down overall 0.84% at 3228.19, on a reasonable volume of shares traded worth more than $122 million.
"All eyes remain solely focused on what comes out of New York at present," Mr Timms said.
AFP reported analysts in the US at Charles Schwab & Co said although the rescue plan appeared likely to gain final approval, worries remained that the proposal by the US Treasury Department could face delays and undergo changes as it made its way through Congress.
"While desperate times require desperate measures, this might be a bit too desperate," Paul Nolte, of Hinsdale Investments, said.
"It is a bold plan with concentration of power and authority in the Treasury that could be fraught with more problems than we have today.
"Of course, even if passed, the programme will not have an immediate impact upon the markets. It will be drawn out over the next six to 12 months," Mr Nolte said.
