Wall St closes out worst year since Depression

Chuck Mikolajczak and Chris Sanders
Reuters
January 1, 2009

Wall Street closed out its worst year since the Great Depression on Wednesday after an unstoppable credit crisis and a dreadful economic outlook left investors questioning their faith in stock markets.

A string of financial disasters culminating in the collapse of Lehman Brothers in the middle of the night in September precipitated the third biggest percentage loss ever for the Dow industrials and the broad S&P 500.

By November 20, the S&P had hit an 11-year low, destroying more than a decade of returns for many Americans and wiping out memories of record highs reached just 13 months earlier.

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“It was plain ugly out there,” said Kurt Brunner, a portfolio manager with Swarthmore Group in Philadelphia.

“All in all, it’s something that I truly hope is once-in-a lifetime thing.”

• A d v e r t i s e m e n t

Nonetheless, U.S. stocks managed to close the year on an up note on Wednesday as fresh efforts to stem the recession from Washington lifted equities for the second consecutive session.

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