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December 2, 2008 8:50:52 PM CST

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Stocks Down Again at Open

Posted Sep 16, 08 9:15 AM CDT in Business 

(Newser) – Stocks declined at the opening bell today, sending the S&P 500 into its worst two-day slump since 2002, Bloomberg reports. Investors reacted to an overnight credit downgrade for liquidity-challenged AIG and a weak Goldman Sachs earnings report. Overnight lending rates took a record jump last night, as markets fell around the world.

“Clearly, we’re not out of the woods,” said one money manager. “I wouldn’t be looking for near-term gains at all.” AIG shares were trading at about $2 at open, down 70% as the insurer continued to seek loans to stave off bankruptcy. Goldman fell 11%, after reporting a 70% drop in profits. The S&P 500 fell 21.47 points, while the Dow dropped 155.43. Yesterday the S&P posted its steepest drop since the 9/11 attacks.

Source Bloomberg

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Customers of American International Assurance, a wholly owned subsidiary of American Insurance Group stand in line outside the AIA office as they wait to speak to customer service officials.   (AP Photo)
Traders, specialists, and floor officials gather around the trading post where Lehman Brothers stock is traded on the floor of the New York Stock Exchange as the market opens, Sept. 10, 2008.   (AP Photo/David Karp)
A man washes a cobblestone street beneath Goldman Sachs headquarters, center, in New York's financial district, Tuesday, Sept. 16, 2008.   (AP Photo/Mark Lennihan)
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Financial Crisis • stock market • S&P 500 • Goldman Sachs • AIG • financial stocks • Dow


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