Wall Street's wild week: Tears, jeers, cheers
March 15, 2008 at 1:13AM
Fed chief Ben Bernanke announces a $200 billion debt swap deal to help restore shaky credit markets. The Dow Jones industrial average soars nearly 417 points.
Spitzer, aka Client No. 9, announces he will resign as New York's governor. Crude oil prices top $110 per barrel for the first time.
A Carlyle Group hedge fund containing mortgage-backed investments collapses. Gold prices top $1,000 an ounce. The falling dollar hits multiyear lows against the yen and the euro.
Bear Stearns, a big Wall Street player in mortgage-backed securities, gets a Federal Reserve-backed bailout after a week of rumors that it was running out of money. But in the end, the Dow Jones industrial average closed up 0.5 percent for the week.
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The city negotiated with utilities to grant tenants until the end of the month to move out, as yet another building from downtown’s once-prolific property owner folds.
