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Stock Market's Flashback to 1997
By
Jen Chung
Published Feb 23, 2009
Modified Feb 23, 2009
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By
Jen Chung
Published Feb 23, 2009
Modified Feb 23, 2009
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The Dow Jones, Nasdaq and S&P 500 all fell over 3% today, "ending at levels not seen since May 1997," according to CNBC (the Dow closed at 7,114 points). Many of the losses were related to concerns over how the tech sector will fare during the downturn. Some depressing quotes: UBS's Mike Ryan told Bloomberg News, "We’re still being governed by how deep the recession will be. There just don’t seem to be any clear signs that some of the problems have run their course," while Cantella and Co.'s Bradford Pine told CNBC, "You get this enthusiasm and then reality sets in. You keep hearing bits of news and you have hope, and then the air seems to let out and everybody loses confidence." On Wednesday, the government will start the "stress tests" to see if banks can weather another economic downturn.
Tagged
economy
recession
Stress test
wall street
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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