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.
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.
Federal Reserve Chairman Ben Bernanke warned of concern on core inflation. His remarks knocked the DJIA down 199 points to 11,048.72.
Freddie Mac announced that they were no longer buying the most risky subprime
New Century Financial Corporation files for bankruptcy
Stock Market reaches a new all-high over 1400 points
Bear Stearns liquidates two of its mortgage security hedge funds
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.
The Libor rate raises to its highest level since December of 1998 at 6.8%
The Stock Market finishes the year at 13,264 points.
Bank of America acquired Countywide financial for $4.1 billion, Countrywide had a total of $1.5 trillion worth of loans
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
The Treasury announced a takeover of both Frannie Mae and Freddie Mac that had over
$5 trillion in mortgages
Bank of America sends a deal to acquire Merrill Lynch
Lehman Brothers files for bankruptcy. The Dow drops 400 points closing at 10,917.
Federal Reserve lends $85 billion to American International Group
Goldman Sachs & Morgan Stanley will become bank holding companies subject to greater regulation by the federal reserve.
Congress rejects $700 billion Wall Street Finical rescue package. Sending the DOW Jones Industrial average down 778 points.
Senate passes the $700 billion bailout bill
The House passes the $700 billion bailout plan and president signs it into a law
The FED announces that it will provide $900 billion in short term loans to banks. Dow closes below 10,000
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
The Treasury taps $250 billion of bailout funds and uses the money to shore up the nations top banks
President Bush announces that he will stay international conference of financial leaders on November 15th 2008
There were over 3 million foreclosures by this year. Florida, Arizona, California had rates of 4% with Nevada at 7.3%
Obama signs American Recovery and Reinvestment act
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.
Frannie Mae reports a loss of $25.2 billion in the fourth quarter of 2008.
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.
The Dow beat its January high, rising to 9,093.24 by close of the day.