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markets
by leon on November 21, 2008
1997 was the year Tony Blair was appointed Prime Minister of Britain, it was the year Diana Princess of Wales was killed in a car crash. And Bill Clinton was riding high.
US stocks and the Standard & Poor's 500 Index have collapsed, plunging to the lowest level since 1997. Bloomberg says the collapse comes as writedowns and credit losses stemming from the collapse of the subprime mortgage market reaches $965 billion. And it's growing.
The market is responding to data like the Conference Board index which shows the US economy is deterioriating and jobless benefits claims reaching their highest level in 16 years.
One thing for sure with data like this: things are getting worse.
Permalink: US market: it's back to 1997
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