Wall Street disappoints in one of the worst inauguration-day declines in history. The Dow Jones ended below 8,000 mark for first time in two months.
Bank stocks led the decline, taking a pounding over worries about mounting losses and the possibility that they will need to raise more capital - or be nationalized. Bank of America may slash about 4,000 jobs while Citigroup said after the markets closed that it was slashing its dividend to a penny.
The Dow Jones industrial average plunged 332.13 points, or 4.01%, to 7,949.09. The S&P 500 index fell 44.90 points, or 5.28%, to 805.22, and the Nasdaq composite index shed 88.47 points.
Wednesday, January 21, 2009
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