Stock Market Plunges on News of Lehman Brothers' Bankruptcy Filing
The stock market plunged across the board Monday on news that Lehman Brothers filed for bankruptcy, and that Bank of America is purchasing brokerage giant Merrill Lynch. The Dow fell 504 points, the Nasdaq 81 points and the S&P index dipped 59 points. Lehman Brothers' decision to file for bankruptcy came after Charlotte-based Bank of America decided against buying the company. Instead, Bank of America is purchasing Merrill Lynch for $50 billion - about half the company's value early last year. WFAE's Lisa Miller spoke to Greg Collard during All Things Considered about the deal.