Wall Street suffered its worse loss since the Sept. 11 terrorist attacks Monday after three major U.S. financial institutions got into trouble.
This week, brokers will try to hold on to investors as the Federal Reserves helps some corporation, like American International Group, to stay afloat. Lehman Brothers, the fourth largest securities firm in the nation, filed for bankruptcy Sunday after failing to find a potential buyer, according to The New York Times.
Following the announcement, the Dow Jones Industrial Average dropped more than 504 points, the largest numerical drop since the day the markets reopened following the Sept. 11 terrorist attacks, The Times reported.
Bank of America merged with Merrill Lynch on Monday, making it the most powerful investment institution in the nation.
-M.M.
