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Wall Street Falls to New Low This Year
By
Jen Chung
Published Jun 26, 2008
Modified Jul 31, 2008
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By
Jen Chung
Published Jun 26, 2008
Modified Jul 31, 2008
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Photograph of trader Al Young sitting as the bad news keeps coming by /Richard Drew/AP
The Dow plummeted 358 points to end at 11,453, after bad news about brokerages and the ever increasing price of oil. Bloomberg News summed it up this way:
U.S. stocks tumbled, sending the Dow Jones Industrial Average to its worst June since the Great Depression, as record oil prices, credit-market writedowns and a slowing economy threatened to extend a yearlong profit slump.
An analyst told USA Today, "Now we've got oil touching $140. We still have a credit crunch. We still have banks trying to deleverage. Consumers aren't getting credit. There's no reason for things to go higher and lots of reasons for them to go down."
Tagged
bad news
business
credit crunch
economy
mortgage crisis
oil crisis
recession
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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