Bloomberg: The Standard & Poor’s 500 Index capped its worst week since 1933, as concern that the financial crisis will send the global economy into a recession pushed Morgan Stanley, CBS Corp. and Exxon Mobil Corp. down more than 8 per cent. The Dow recovered from a 697 point tumble and rose as much as 322 points in the last hour after an industry group said the bankruptcy auction of Lehman Brothers Holdings Inc.’s debt won’t worsen credit losses.
…The S&P 500 slipped 10.6 points, or 1.2 per cent, to 899.32. The Dow lost 128 points to 8,451.19. The Nasdaq Composite Index added 4.39 points to 1,649.51. Eleven stocks fell for every 10 that rose on the New York Stock Exchange.
European and Asian benchmark indexes posted their worst weekly retreats on record as exchanges in Russia, Indonesia and Ukraine suspended trading in an effort to halt a global rout that has wiped out $25 trillion from global equities this year. President George W. Bush‘s statement that the U.S. is using a “wide range of tools” to stem the crisis did little to halt the decline.
The S&P 500’s eight-day losing streak is its longest since 1996. This week’s declines pushed both the S&P 500 and Dow down more than 40 per cent from their peaks last October.
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