Wall Street might be praying that we all just went into a time warp and it’s 1997 all over again. At least that offer some real degree of hope for something better. For now, we all just have to face the worst recession has to offer.
The Dow and S&P fell to their 1997 levels turning back time as if the dot-com bubble never happened. The Dow fell by 251 points making it the same as its May 7, 1997 close. Standard and Poor reached its Aprill 11, 1997 level. Both indexes have now lost half their value since October of 2007.
Many banks and financial institutions are negotiating with the government for increased stakes to be fueled by taxpayer’s money. This might mean nationalization of some of these organizations – something execs might have to decide on if the losses continue.
Everyone seemed to take a hit in this mess. Stocks of key tech companies such as HP, Yahoo! and Intel all dropped. General Electric fell to a 14-year low.
Source: ABC
Tags: Stocks, Wall Street