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Battered Markets Crawl Into 2009

2008 finishes as the worst year for the Dow since 1931

By Rob Quinn, Newser Staff

Posted Jan 1, 2009 9:22 AM CST

(Newser) – Weary relief that 2008 was finally over greeted the final bell at the New York Stock Exchange yesterday, but shaken investors worry about what 2009 holds, the New York Times reports. The final tally confirmed that the year was the worst for stockholders since the Great Depression. Stock plunges across the board wiped out the gains of the previous 6 years, erasing $7 trillion in wealth.

Analysts say the financial crisis has shifted the epicenter of the financial world from Wall Street to Washington. Investors desperate for a safe haven are snapping up secure but low-yield Treasury securities. Money managers—even ones usually firmly against state intervention—are looking to government policymakers to turn things around, although many fear recovery could take years.

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A gallery view of the floor of the New York Stock Exchange, Wednesday Dec. 31, 2008. (AP Photos/Bebeto Matthews)

Traders react during early activity on the floor of the New York Stock Exchange, Wednesday Dec. 31, 2008. (AP Photos/Bebeto Matthews)

Senior executives sing the depression-era song "Wait Til The Sun Shines Nelly" on the floor of the New York Stock Exchange, Wednesday, Dec. 24, 2008 in New York. (AP Photo/Mary Altaffer)

A Christmas tree stands in front of the New York Stock Exchange Monday, Dec. 22, 2008. (AP Photo/Mark Lennihan)

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They will write about this year for a long time. It’s been, in one word, tiring. - Duncan Niederauer, CEO of New York Stock Exchange owner NYSE Euronext

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Battered Markets Crawl Into 2009