Stock prices fell sharply on Wall Street last week as the consequences of the credit crisis continue to be felt around the world. The Dow Jones Industrial Average closed on 13,042.74, following two daily drops of over 300 points, including its fifth worst day of the year.
Although a wide range of circumstances have contributed to the drop, the forecasts of a potential £2.8 billion write-off of bad debts at Morgan Stanley and General Motors’ record losses were in no small part responsible for the latest plummet.
In further bad news for the American banking sector, America’s banking shares fell by an average of 5.35 per cent, representing the biggest drop ever seen in a single day.
It is not just the Dow Jones which has suffered in America, so too have the Nasdaq, the New York Stock Exchange and the Standard &Poor’s 500.
Problems are also being encountered across the Atlantic, with three of Britain’s biggest banks suffering combined market value losses of £14 billion in two days last week.
Bank Losses Trigger Bad Week on Wall Street
Bank Losses Trigger Bad Week on Wall Street
Mon, 12 Nov 2007
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