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Article: Down market hits 1-year mark with no clear bottom
- Article from:
- AP Online
- Article date:
- October 9, 2008
- Author:
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The bear market that is ravaging investor portfolios is now one of the worst in modern U.S. history and has wiped out more than $7 trillion in shareholder value, with no bottom clearly in sight.
When it stops and how far it drops, no one can predict with any accuracy _ a painful uncertainty underscored by Wall Street's giddy mood at the moment the steep descent began.
A year ago Thursday, Wall Street was celebrating the fifth anniversary of a bull market that had created $10 trillion in shareholder wealth since 2002. The Dow Jones industrial average and the Standard & Poor's 500 index hit all-time highs on Oct. 9, 2007.
A headline in USA Today captured the prevailing ...