BREAKING: Dow closes down more than 500 points

NEW YORK (AP) -- The stock market has suffered one of its worst days in years as investors reacted to a stunning reshaping of the landscape of Wall Street that took out two storied names: Lehman Brothers Holdings Inc. and Merrill Lynch & Co.

The Dow Jones industrials are down more than 504 points, their sixth-largest point drop ever and their worst showing since the aftermath of the Sept. 11, 2001, attacks.

Investors were shaken by Lehman's bankruptcy filing and what was essentially a forced sale of Merrill Lynch to Bank of America for $50 billion in stock.

While those companies' situations had reached some resolution, the market remained anxious about other companies. Among them: American International Group Inc., which is seeking emergency funding to shore up its balance sheet.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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