Investors sold stocks of financial brokerage firms after the fire sale of Bear Stearns to JP Morgan. The four largest brokers Goldman Sachs, Merrill Lynch, Morgan Stanley, and Lehman dropped. Investors worried that rising margin call requirements and rapidly declining mortgage securities values may erase equity capital of these companies. European markets, Japan, India, and Brazil fell sharply.
Dollar edged lower and traded at a record low against euro to $1.5721 and edged lower against yen to 97.55.
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