Markets return to 1997 levels as new AIG bailout unveiled
All the big banks saw their shares plummet. Citigroup (C) continued its spiral toward $1, falling 20 percent to $1.20, and JP Morgan Chase (JPM) and Wells Fargo (WFC) also saw steep declines of 7.4 percent and 10.4 percent, respectively.
Energy stocks were hit even harder than financials, falling as fears that the recession could deepen hurt crude oil prices. ExxonMobil (XOM) fell 4.4 percent to $64.91, ConocoPhillips (COP) dropped 5.9 percent to $35.13 and Chevron (CVX) slipped 5.1 percent to $57.62.