U.S. Stocks Drop, S&P 500 Sinks Most Since 2001 Terror Attacks

September 15th, 2008

Waiting for the open in Tokyo. Japanese markets were closed yesterday…

Via: Bloomberg:

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.

…

The S&P 500 declined 59 points, or 4.7 percent, to 1,192.70, the lowest level since October 2005. The Dow Jones Industrial Average tumbled 504.48, or 4.4 percent, to 10,917.51. The MSCI World Index of developed-market equities slumped the most in six years while the 7.6 percent drop in Brazil’s Bovespa was the steepest since Sept. 11, 2001. The dollar weakened the most against the yen in a decade and two-year Treasury notes surged.

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One Response to “U.S. Stocks Drop, S&P 500 Sinks Most Since 2001 Terror Attacks”

  1. tochigi says:
    September 16, 2008 at 3:23 am

    TOPIX is down 5.63% at the close of the morning session. Looks to be the lowest level since the mini-stock-bubble began in 2005.

    Aozora Bank is down 19.21%.
    Mizuho Financial Group is down 10.68%.
    Mitsubishi UFJ Financial Group is down 8.16%.
    Sumitomo Mitsui Financial Group is down 10.20%.
    Shinsei Bank is dow 15.78%.

    Fujiyama mama…

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