(Source: Boston Herald)
State Street Corp. was the biggest loser among Massachusetts companies in yesterday's widespread stock selloff. The Boston money manager's shares fell $4.96, or 10.6 percent, to $42 on the New York Stock Exchange.
The overall selling was so extreme that only 264 stocks rose on the NYSE - and 2,986 dropped.
One winner was Monster Worldwide Inc., which jumped 6 percent on the Nasdaq. The firm operates Maynard-based Monster.com, where people go looking for jobs.
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Citigroup Inc., Wells Fargo & Co. and the takeover target they're fighting for, Wachovia Corp., agreed to a temporary truce in their legal dispute at the urging of the Federal Reserve.
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Just three days after President Bush signed legislation creating the rescue fund, the U.S. Treasury formally solicited financial services firms to fill three key posts in the managing the rescue plan.
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Lumber prices plunged the most allowed by the Chicago Mercantile Exchange, extending a slump to the lowest in 17 years, on concern that demand for building materials will slide amid the credit crunch.
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Oil prices plunged below $90 a barrel, coming within reach of year-ago levels as a widening financial crisis spreads overseas and crimps global demand for energy.
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Individual European governments issued a cascade of deposit guarantees to shore up their banks but fell short of any coordinated action to deal with the crisis sweeping financial markets.
Markets responded to the disarray by sinking rapidly, following selloffs in Asia. Russia shut down both its stock markets after they fell more than 15 percent.
- STAFF AND WIRE REPORTS
(c) 2008 Boston Herald. Provided by ProQuest LLC. All rights Reserved.
