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Article: Stock Market Posts Third Straight Year of Declines.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- January 1, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Bill Barnhart, Chicago Tribune Knight Ridder/Tribune Business News
Jan. 1--Stock market investors, amateur and professional alike, finally got their wish Tuesday. The year ended.
Despite a budding economic recovery, 2002 was the worst year on Wall Street since 1974.
It was the deepest of three straight years of stock market declines--the first three-peat loss since the Great Depression years of 1938-1940.
The year's statistics were brutal, reflecting a major loss of paper wealth that many Americans had counted on for retirement income. The U.S. stock market produced $2.8 trillion in losses last year.