Wall Street dropped precipitously today, with the Dow Jones industrials suffering their worst point drop since 9/11.
Investors reacted to a stunning reshaping of the landscape of
Wall Street that took out two storied names: Lehman Brothers
Holdings Inc. and Merrill Lynch & Co.
The Dow Jones industrials are down more than 504 points.
Investors were shaken by Lehman's bankruptcy filing and what was essentially a forced sale of Merrill Lynch to Bank of America for
$50 billion in stock.
While those companies' situations had reached some resolution,
the market remained anxious about other companies. Among them:
American International Group Inc., which is seeking emergency
funding to shore up its balance sheet.