A wild week on Wall Street
Monday: Central banks in the United States, Europe and Japan pump more than $70 billion into their banking systems to make credit more available. Goldman Sachs adds $3 billion to shore up a struggling hedge fund.
Tuesday: The Dow Jones industrial average falls 207 points on worries that the mortgage and credit crisis will grow.
Wednesday: Countrywide Financial falls 13 percent on worries that the nation’s largest home lender may seek bankruptcy protection. The Dow falls 167 points.
Thursday: Wall Street rides a roller-coaster, dropping 340 points before ending the day down more than 15. Countrywide falls 11 percent.
Friday: The Federal Reserve cuts its discount rate by a half a percentage point. The Dow rebounds, gaining 233 points.
Links :
http://www.economist.com/finance/displaystory.cfm?story_id=9673437
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2007/08/19/BUUERKPAV.DTL
