It's all gone. The Dow Jones industrial average tumbled 251 points to its lowest close since Oct. 28, 1997, while the Standard & Poor's 500 index logged its lowest finish since April 11, 1997. All the major indexes slid more than 3 percent.
Over a decades worth of capitol in the stock markets is gone, and I think it will be a long time before this money is remade.
As has been the case for the past nine months, financial stocks were the heart of the crash. Investors are still concerned that a number of the country's largest banks could be nationalized as they continue to suffer severe losses because of their mismanagement and the on-going recession. They're also worried that banks' losses will keep escalating as the recession sends more borrowers into default.
The market's decline extends massive losses from last week when the major stock indexes tumbled more than 6 percent. The major indexes plunged through the lows they reached in late November, at the height of the credit crisis.