Wall Street in a Dive On Crash 20th Anniversary

Evening Standard - London › October 20, 2007

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Summary

A MAJOR sell-off was under way on Wall Street tonight, the 20th anniversary of Black Monday, after two respected US blue-chips delivered deeply depressing news to an already nervous investment community.

The Dow slumped 161.70 points to 13,727.30 as Wachovia, America's fourth-largest retail bank, reported a 10% drop in third-quarter profits because of the credit crisis, and warned investors to expect further defaults in the mortgage market.

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Extract

Wall Street in a Dive On Crash 20th Anniversary

Meanwhile, Caterpillar, the world's biggest manufacturer of earth- moving machines, posted its steepest shareprice drop in three months as it issued a devastating profi...

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