Dow Jones Down 290 Points Amid Bank Worries
April 20, 2009 by Stephen Kersey
Filed under Business
In the last few weeks, the United States stock market had been growing at a healthy rate due in large part to renewed confidence in the nation’s financial sector. However, that confidence took a hit on Monday and as a result the stock market suffered.
The Dow Jones industrial average was down more than 3.5% for a total of 290 points. By the end of trading, the Dow was at 7,841.7. Other stock indexes showed similar struggles. The Russell 2000 fell more than 5.5% to 452, the S&P’s 500 dropped more than 4% to 832 and NASDAQ wad down approximately 4% to finish at 1,608.
Most every large bank on the stock market took a significant hit. Bank of America dropped more than 24%, Citigroup slid almost 20% and JPMorgan Chase was down about 10.5%. American Express, which some stock experts thought was prepared to have a great week, crashed 13% on Monday.
In the coming weeks, the stock market’s health will likely depend on the performance of the financial industry. If the banks continue to appear to be on shaky ground, investors will continue to be weary.
Citigroup (Image: Flickr)
