U.S. stock indices tanked yesterday, hitting an 11-year low after reaching a peak in 2007. This Reuters blog shows the drop in slow-motion, with a warning: “This may cause post-traumatic flashbacks in some investors.”
To highlight a few of the lowlights, October 9, 2007 was the day the Dow Jones industrial average set a record at 14,164. But the decline began just ten days later, as Caterpillar Inc. warned that the housing slump was spreading into the economy.
A year later, on October 15, 2008, Wall Street faced its worst day since the 1987 stock market crash. By then, the Dow average was just 8,577. Compare that with yesterday, when the Dow closed at 7,114, writes the Denver Business Journal, with many Colorado stocks declining, including Janus Capital Group Inc., which now has a “junk” credit rating.
Luckily, there is some good news for the state. Foreclosures were down by 16 percent in 2008 compared with 2007, according to the Northern Colorado Business Report.