Guess What? You're 4.4 % Poorer Today.

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replying the story in its archived form does not constitute a re-publiccation of the story.

While we don't normally talk about the financial markets, it's worth noting the Dow was down over 500 points today. Lead by the Lehman Bros. bankruptcy and continuing mortgage crisis, the 4.4% loss was the biggest since 9/11. Here's the story from a much better source than me; bloomberg.com.

U.S. stocks tumbled, pushing the Standard & Poor's 500 Index to the steepest drop since the September 2001 terrorist attacks, as Lehman Brothers Holdings Inc.'s bankruptcy and declining commodities increased speculation that credit-market losses and the economic slowdown will worsen.

Stocks erased more than $600 billion in value as financial shares in the S&P 500 decreased the most since at least 1989, according to data compiled by Bloomberg. American International Group Inc. sank 61 percent and Washington Mutual Inc. decreased 27 percent. Concern the U.S. is heading for a recession pushed oil lower, prompting a drop in energy stocks, and sent General Electric Co. down 8 percent.

 

Is it January yet?