It would appear that Wall Street has turned the clock back to 1997. This is not good, not good at all. Investors unable to extinguish their worries about a recession that has no end in sight, dumped stocks again on Monday. The Dow Jones industrial average tumbled 251 points to its lowest close since May 7, 1997. The Standard & Poor's 500 index logged its lowest finish since April 11, 1997.
Both indexes lost half their value since hitting record highs in October 2007. Government agencies, led by the Treasury Department, said they would launch a revamped bank rescue program this week. But in spite of this, investors pounded most financial stocks. Thee isn't much optimism anywhere.
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