Lehman Brothers filed for bankruptcy and worries that the credit crisis could claim American International Group exacerbated sentiment on the Street. The Dow Jones Industrials closed over 500 points lower. Bank of America announced the acquisition of Merrill Lynch, raising fears that the brokerage giant may have been in more dire straits than expected.
Details from Bloomberg....
The Dow Jones Industrial Average dropped 504 points (4.4%) to close at 10,918, the S&P 500 Index tumbled 59 points (4.7%) to 1,193, and the Nasdaq Composite fell 81 points (3.6%) to 2,180. Crude oil fell $5.47 to $95.71 per barrel, and gold rose $26.10 to $790.60 per ounce.
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