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Article: US STOCKS tumbled on Friday as an emergency rescue of Bear Stearns orchestrated by the Federal Reserve revived fears about a deepening global credi...
- Article from:
- The Herald on Sunday (Auckland, New Zealand)
- Article date:
- March 23, 2008
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US STOCKS tumbled on Friday as an emergency rescue of Bear Stearns orchestrated by the Federal Reserve revived fears about a deepening global credit crunch, triggering a massive sell-off in shares across the board.
Stocks plummeted after the New York Fed and JPMorgan Chase & Co stepped in with short-term financing for Bear Stearns Cos., the fifth-largest US investment bank. Before the opening bell, Bear Stearns shocked Wall Street when it said its cash position had unravelled in the previous 24 hours.
Bear Stearns stock sank as much as 50 per cent before closing down 45.9 per cent at $30.85. The Standard & Poor's financial index fell 4.1 per cent as ...