World Economy. Sep 17. Banks Suffer as Market Plunge.

Sep. 17, 2008. Major U.S. stocks slumped Wednesday as an emergency loan to one of the world's biggest companies stoked fears about the health of financial markets. The Dow Jones industrials tumbled more than 300 points, or about 3 percent. The Nasdaq and the S&P were recording similar percentage falls. The selloff comes in the wake of investment bank Lehman Brothers' bankruptcy, Merrill Lynch's sale to Bank of America, and the U.S. government announcing an $85 billion plan to bail out insurance giant American International Group (AIG). The fallout from the housing and credit market collapse "ripples through the entire financial industry and is stretching to other industries," Kelli Hill, Portfolio Manager at Ashfield Capital Partners told CNNMoney. "The question everyone is asking is 'what's going to fix this?'" The remaining two Wall Street investment banks were hit particularly hard with Morgan Stanley down 38 percent and Goldman Sachs down 23 percent. Source: http://edition.cnn.com/2008/BUSINESS/09/17/world.markets/index.html

» View the original video «

YouTube | September 17, 2008

Tags:. .hard. .edition. .companies. .falls. .points