Today was a hectic day on Wall Street, with the Dow Jones plunging more than 500 points. The stock market estimated a $700 billion dollar loss for shareholders today, among news that the third biggest mortgage company Lehman Brothers has filed for bankruptcy, as well as a forced sale by Merrill Lynch to Bank Of America for $50 billion. This day is marked as one of the worst for the stock market since 2001. Wall Street investors are now holding their breaths for the American International Group Inc., also known as AIG. Investors are worried that troubles at AIG and the bankruptcy of the Lehman brothers will set off another chain of events with in the financial market, causing more uproar and devastation to the already plunging US Economy.
The Dow fell 504.48, or 4.42 percent, to 10,917.51, moving below the 11,000 mark for the first time since mid-July. It was the worst point drop for the Dow since it lost 684.81 on Sept. 17, 2001, the first day of trading after the terror attacks. The Nasdaq composite index fell 81.36, or 3.60 percent, to 2,179.91; that was its worst point loss since Jan. 4.*
*Taken off Yahoo!
Wednesday, September 17, 2008
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