US shares went into a freefall Monday as part of a global rout after a bankruptcy at Lehman Brothers stoked fears about contagion affecting world markets and the economy.The blue-chip Dow Jones Industrial Average tumbled below 11,000 with a loss of 504.48 points (4.42 percent) to 10,917.51, its largest one-day point loss since the reopening after the September 2001 terrorist attacks.
The Nasdaq composite plummeted 81.36 points (3.60 percent) to 2,179.91 and the broad-market Standard & Poor's 500 index lost 59.00 points (4.71 percent) to 1,192.70.
Investors ran for cover after the bankruptcy filing by investment firm Lehman Brothers, which failed to find a buyer during a weekend of crisis talks, and the emergency sale of Wall Street rival Merrill Lynch.
Also causing fear was the worry that contagion may strike American International Group, one of the world's biggest insurers, whose shares plunged over 50 percent. I hope you traded your fiat notes for gold tender, oh yea and hope you didn't invest with Lehman Brothers!
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