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After Big Drop, Stocks Hold

Dow takes 300-point tumble early, but market remaining stable

By Kevin Spak,  Newser Staff

Posted Sep 15, 2008 11:51 AM CDT
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(Newser) – Stocks have taken a beating today, with the Dow off more than 300 points early, the Wall Street Journal reports, but there’s been a noticeable lack of panic among traders. If the current loss holds steady, it will represent just the sixth-worst day this year, despite the massive upheaval of the weekend.

AIG fell 65% after asking the Fed for a $40 billion loan. Other investment banks also saw losses, particularly Bank of America—which saved the day by acquiring Merrill Lynch, but is down more than 14%. The Nasdaq was off 1.7%, and the S&P 2.5%, with all sectors declining. But doom and gloom wasn’t universal; consumer-facing giants like Coca-Cola and McDonalds saw modest gains.

An unidentified trader watches a screen showing Lehman Brothers stock evolution in a financial office in Paris today.
An unidentified trader watches a screen showing Lehman Brothers stock evolution in a financial office in Paris today.   (AP Photo)
A woman walks past a tote board tracking the level of the TSX in Toronto's financial district today.
A woman walks past a tote board tracking the level of the TSX in Toronto's financial district today.   (AP Photo)
Traffic passes a branch of the Bank of America today in New York.
Traffic passes a branch of the Bank of America today in New York.   (AP Photo)
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'Lehman is going away'
MarketWatch

AIG plummets
Wall Street Journal

Banks hoard cash, send overnight rate up
Bloomberg

 
Dow Jones • Merrill Lynch • Lehman Brothers • markets • AIG • financial sector • S&P 500 • financial crisis

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