Closing bell: Dow closes below 11,000; LEH almost wiped out, AIG, WB, TTWO plunge
Posted by: in Latest NewsFiled under: After the bell, Major movement, Deals, Market matters, NYSE Euronext (NYX), Amer Intl Group (AIG), Wachovia Corp (WB), S and P 500, DJIA, Lehman Br Holdings (LEH), Housing, NASDAQ
This day was easy to focus on. And it was highly unpleasant. It was all about financial stocks and the meltdowns and the merger and the bailouts. The big drop in oil after Hurricane Ike didn’t kill off the oil infrastructure didn’t amount to anything at all. The beatings will continue, regardless of morale. The VIX hit 30 and that only helped for a brief bit.
Here are today’s unofficial closing bell levels:
Dow 10,954.07 (-504.48; -4.42%)
Nasdaq 2,186.66 (-81.36; -3.60%)
S&P500 1,198.32 (-59.01; -4.71%)
10YR T-Note 3.483% (-0.247%)
52-Week Lows
Lehman Brothers (NYSE: LEH) led the carnage this day. Richard Fuld held out for solid merger terms too hard and it now looks like he made the entire firm pay the ultimate price. It is filing for Chapter 11 and for all practical purposes is going bye-bye. Shares were down 94% at $0.20 right before the close.
American International Group (NYSE: AIG) is also on the ropes. Its shares were down 60% at $$4.78 immediately before the close. The leading insurance company in the world, or the former one anyway, is on the verge of collapse.
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