8:31 AM
Freddy
It was a tough week for the stock market caused by many negative economic data and investor sentiment, causing all U.S. index dropped deeply. The S&P 500 dropped 7.0 % (traded at its lowest level in 12 years), while Nasdaq and Dow dropped 6.1 % and 6.2 %.
The decline in the market started on Monday, where AIG reported a massive $61 billion quarterly loss. This was the largest company loss in U.S. corporate history. Another bearish sentiment increased when HSBC(ticker: HBC) reported a mass profit drop, made this company cut 6.100 jobs and reduced it dividend. Wells Fargo (ticker: WFC) and U.S. Bancorp (ticker: USB) are also announced that they will cut their dividends by roughly 85% to $0.05 per share in an effort to save capital.
Posted in: News
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