Dow closes at lowest since 1997; Banking giant JP Morgan Chase cuts dividend - - says Q1 2009 to-date “solidly profitable”
Feb 24th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The Dow Jones Industrial Average on Monday closed down 3.4% to 7114.78 -- its lowest close since May 1997 and almost 50% down from its peak in early October 2007. The decline was broad and came on a day when the Obama administration tried to dampen fears of a Federal takeover of some of America's biggest banks. Banking giant JP Morgan Chase announced a cut in its dividend of 87% but says Q1 2009 "financial performance quarter-to-date is solidly profitable even after significant additions to reserves."