A reported $6.9 trillion, six years of accumulated wealth, was lost in the stock market for 2008.
Wired PR News.com – Investors breathe a small sigh of relief as the last day of December trading brings 2008’s stock market madness to a close. As reported by the Associated Press (AP), a whopping $6.9 trillion, which amounts to accumulated gains over the course of six years, was lost in 2008. The amount of losses proves disheartening as Wall Street attempts to remain optimistic for 2009.
Other entities significantly hurt by the recession plagued year include credit and lending markets, as the number of foreclosures amassed became too much to handle. Recovery in 2009 is expected to occur, but be slow coming. As quoted of Jerry Webman of Oppenheimer Funds Inc. “I think this may be much more of a show-me market than we’re used to. The market is going to be looking for some stabilization, increases in earnings, a few more positives before it begins to recover.”