As I suspected it would be, it was a bad day on Wall Street:
NEW YORK (CNNMoney.com) — Stocks tanked Monday, as investors reeled amid the fallout from the largest financial crisis in years after Lehman Brothers filed for the biggest bankruptcy in history and Bank of America said it would buy Merrill Lynch in a $50 billion deal.
Treasury prices rallied as investors sought the comparative safety of government debt, sending the corresponding yields lower. Oil prices tumbled, falling well below $100 a barrel on slowing global economic growth. The dollar rallied versus other major currencies and gold prices spiked.
The Dow Jones industrial average (INDU) lost 500 points, or 4.4%, according to early tallies. It was the biggest one-day point decline for the Dow since Sept. 17, 2001, when the market reopened for trading after having been closed in the aftermath of 9/11 terrorist attacks.
The Standard & Poor’s 500 (SPX) index lost 4.5% and the Nasdaq composite (COMP) lost 3.6%.
Ouch
Not good news for John McCain. Especially since I believe this is just beginning of the bloodbath in the financial sector.