World markets respond to U.S. turmoil
September 15, 2008 by Tisa Silver
Filed under Finance
The Dow Jones Industrial Average lost 504 points today after a chaotic weekend revealed the acquisition of one investment bank and the bankruptcy of another.
News of Lehman’s bankruptcy traveled the world and directed markets south. Markets in Australia, Europe and Asia closed significantly lower as foreign banks rushed to announce their limited exposure to Lehman Brothers.
China’s Shanghai Composite fell 3.7 percent and the Japanese Nikkei 225 fell 5.1 percent, while the Kospi (South Korea) and Hang Seng (Hong Kong) lost over 6 percent each.
Meanwhile, shares of Lehman lost 94 percent of their value and closed at $0.21 per share.
