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December 1, 2008: The NBER announced the US was in a recession and had been since December 2007. The Dow tumbled 679.95 points or 7.8% on the news. [165] [89] December 6, 2008: The 2008 Greek riots began, sparked in part by economic conditions in the country. [citation needed] December 16, 2008: The federal funds rate was lowered to zero ...
The Labor Department said that the US lost 533,000 jobs in November 2008, the biggest monthly loss since 1974. This raised the unemployment rate from 6.5% to 6.7%. On December 9, the Bank of Canada lowered its key interest rate by 0.75% to 1.5%, the lowest it had been since 1958; at the same time the Bank officially announced that Canada's ...
[25] That month, September 2008, would see record drops in the Dow, including a 778-point drop to 10,365.45 that was the worst since Black Monday of the 1987 stock market crash [26] and was followed by a loss of thousands of points over the next two months, standing at 8,046 on November 17 and including a 9% plunge in the S&P on December 1, 2008.
Alamy Five years ago this month, the U.S. financial system began a downward spiral that would bring it to the brink of collapse. Stock markets plunged as the bankruptcy of Lehman Brothers and the ...
After an incredible three-month run the Dow Jones Industrial Average (INDEX: ^DJI) has sharply reversed course. The index has put up a five-day downward spiral, erasing a large part of the year-to ...
Nassim Nicholas Taleb, the author of best-selling book The Black Swan, correctly predicted the 2008 financial crash but said "gloomy" times ahead for the U.S. economy are far more easy to spot.
The Dow Jones loses 22.1 percent, its worst week on record, down 40.3 percent since reaching a record high of 14,164.53 October 9, 2007. The Standard & Poor's 500 index loses 18.2 percent, its worst week since 1933, down 42.5 percent in since its own high October 9, 2007.
The bankruptcy of Lehman Brothers, also known as the Crash of '08 and the Lehman Shock, on September 15, 2008, was the climax of the subprime mortgage crisis. After the financial services firm was notified of a pending credit downgrade due to its heavy position in subprime mortgages, the Federal Reserve summoned several banks to negotiate ...