Last week was a bit of a disaster for the stock markets, with all three major indexes posting their biggest weekly losses of the year. The S&P 500 lost 2 percent of its value, the Dow Jones industrial average lost 1.6 percent, and the Nasdaq lost 2.3 percent. Tuesday was the single worst day for the Dow all year, when it dropped 213 points.
The biggest losers were in the financial sector, where Bank of America lost 5.3 percent of its value in the course of the week, the biggest drop among the 30 Dow stocks. J.P. Morgan and Wells Fargo weren't far behind, falling by 3.6 percent and 3.5 percent, respectively. Overall, the S&P's financial sector index lost 2.8 percent for the week.
Was there any good news? Apple reached a milestone on Tuesday, when its market capitalization reached a stunning $600 billion. It's still a little bit short of the all-time record high market cap, set by Microsoft on December 30, 1999 - one day before Y2K arrived - when its total value peaked at $621 billion.
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