You are hereArchive - Sep 16, 2008
Archive - Sep 16, 2008
Lehman bankrupt, Merrill sold; worst day on Wall Street since 9/11 shakes major markets worldwide, shares tumble
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In one of the most dramatic days in Wall Street’s history, Lehman Brothers, the 158-year-old, fourth-largest U.S. investment bank that predates the Civil War and weathered the Great Depression, filed the largest bankruptcy in American history; while Merrill Lynch, the third largest investment firm, has agreed to sell itself to Bank of America, the nation's largest bank.
Investors suffered their worst losses since the terrorist attacks of 2001. Amid worries that the bankruptcy of Lehman Brothers and the sale of Merrill Lynch might not be enough to stop the downward spiral, stocks fell sharply in the last half hour of trading. By the end of the day, the Dow Jones industrial average had dropped 504.48 points, or 4.4 percent, as a record volume of more than 8 billion shares traded hands on the New York Stock Exchange. It was the biggest decline since Sept. 17, 2001 - the day the index reopened after the 9/11 terrorist attacks - when it fell 7 percent, or 684.81 points. read more »
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