News To Know: Market Mayhem
By Dave Goldstein, September 16, 2008 10:28 AM
You couldn't have missed the news yesterday as the Dow suffered its largest single-day loss since it opened following the September 11th attacks. The battered market finished more than 500 points lower than it opened. When all the carnage was done yesterday, Lehman Brothers had applied for bankruptcy, Bank of America had bought out Merrill Lynch, and serious questions remained as to whether AIG, Wachovia and Washington Mutual would be able to stay afloat. This was one of the worst days the markets have ever seen, and the US wasn't alone. Foreign markets, particularly those in Asia took hefty losses as well. Aside from the damage dealt to these corporations, many individuals and companies will now find it even harder to get loans.
Have you been touched by the financial crisis?