Fears about the stability of the U.S. financial system rose up after investment giant Lehman Brothers filed for bankruptcy, triggering a worldwide tremor not heard since the September 11 attacks. Competitor Merrill Lynch also went up on a fire sale in a takeover bid by the Bank of America Corp., even over comments that this was a bad financial move. Insurer AIG also struggled to keep its head above the financial waves, even as the New York state threw a $20B lifeline in its stead. Savings and loan Washington Mutual is also feared to fall.
The financial meltdown in Wall Street follows a long-running subprime crisis when mortgage finances were defaulted on.
"The turmoil continues," said Robert Francello, head of equity trading for Apex Capital, a San Francisco hedge fund.
Several indexes fell over the collapse, not seen since the fallout after the September 11 attacks in New York city.
Benchmark index Standard & Poor’s dropped to 59 points, or 4.71 percent, to 1,192.70. The Dow Jones industrial average slid 504.48 points, or 4.42 percent, to 10,917. The Nasdaq Composite Index dropped 81.36 points, or 3.60 percent, to 2,179.91.
Asian financial markets were also affected.
Asia’s two biggest indexes also dived. Japan’s benchmark Nikkei 225 index fell 5.3 percent to 11,560.66. Hong Kong’s Hang Seng Index slid 5.7 percent. Across Asia, the same downward plunge occurred. The Philippine composite index fell 114.44 points to 2,421.72. The all-shares index lost 56.2 points or 3.5 percent to 1,538.
South Korea's Kospi fell 5.4 percent, while Taiwan's benchmark slid 4.7 percent, China's Shanghai index shed off 3.2 percent.
The flare spread across the region and financial nerves are frayed over further financial falls looming ahead.
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