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January 3rd, 2006
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The US DJIA rose 129.91 to 10847.41 on expectations for an end to interest rate increases based the release of minutes from the Federal Reserve meeting in December.
May 5, 2006
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The DJIA rose 138 points to a 6-year high. A report of modest job growth triggered hopes that the Federal Reserve will soon end interest rate hikes.
June 5, 2006
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Federal Reserve Chairman Ben Bernanke warned of concern on core inflation. His remarks knocked the DJIA down 199 points to 11,048.72.
February 2007
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Freddie Mac announced that they were no longer buying the most risky subprime
April 2007
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New Century Financial Corporation files for bankruptcy
June 2007
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Stock Market reaches a new all-high over 1400 points
July 31st, 2007
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Bear Stearns liquidates two of its mortgage security hedge funds
August 2007
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A World Wide Credit Crunch had begun and there were no subprime loans available. Subprime leader American Home Mortgages files for bankruptcy. This marked the start of the house market crash.
September 2007
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The Libor rate raises to its highest level since December of 1998 at 6.8%
December 2007
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The Stock Market finishes the year at 13,264 points.
January 11, 2008
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Bank of America acquired Countywide financial for $4.1 billion, Countrywide had a total of $1.5 trillion worth of loans
March 16th, 2008
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Bear Stearns the verge of bankruptcy signs a merger agreement with J.P Morgan to sell itself for $2 a share which she was a fraction of the current trading price
September 6th, 2008
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The Treasury announced a takeover of both Frannie Mae and Freddie Mac that had over
$5 trillion in mortgages
September 14th, 2008
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Bank of America sends a deal to acquire Merrill Lynch
September 15th, 2008
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Lehman Brothers files for bankruptcy. The Dow drops 400 points closing at 10,917.
September 17th, 2008
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Federal Reserve lends $85 billion to American International Group
(AIG)
September 21, 2008
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Goldman Sachs & Morgan Stanley will become bank holding companies subject to greater regulation by the federal reserve.
September 29th, 2008
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Congress rejects $700 billion Wall Street Finical rescue package. Sending the DOW Jones Industrial average down 778 points.
October 1st, 2008
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Senate passes the $700 billion bailout bill
October 3rd, 2008
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The House passes the $700 billion bailout plan and president signs it into a law
October 6th, 2008
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The FED announces that it will provide $900 billion in short term loans to banks. Dow closes below 10,000
October 10th, 2008
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The Dow closes at 8,451, stock market has had its worst leak ever losing 22% over the past 8 trading days or $8.4 trillion from the markets high in 2007
October 14th, 2008
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The Treasury taps $250 billion of bailout funds and uses the money to shore up the nations top banks
October 22nd, 2008
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President Bush announces that he will stay international conference of financial leaders on November 15th 2008
December 31st, 2008
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There were over 3 million foreclosures by this year. Florida, Arizona, California had rates of 4% with Nevada at 7.3%
February 17th, 2009
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Obama signs American Recovery and Reinvestment act
February 23rd, 2009
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The DJIA fell 250.89 (3.4%) to 7114.78, nearly half the peak it hit 16 months ago, and its lowest close in over 11 years.
February 26th, 2009
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Frannie Mae reports a loss of $25.2 billion in the fourth quarter of 2008.
March 2nd, 2009
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The US government unveiled a revamped rescue package to insurance giant American International Group (AIG) and will provide the troubled company with another $30 billion in taxpayer money on an "as needed" basis. The DJIA fell 299.64 to close at 6763.29, falling below 7,000 for the first time in 12 years.
July 24th, 2009
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The Dow beat its January high, rising to 9,093.24 by close of the day.