EW YORK (CNNMoney) — Investors lost a trillion dollars in the in the stock market Monday as the debt crisis in Europe, lackluster economic news and a downgrade to the U.S. credit rating spark fears of a double-dip recession.
The Wilshire 5000 Total Market Index, the broadest index of U.S. stocks, lost 891.93 points, or just over 7%, Monday. This represents a paper loss for the day of approximately $1.0 trillion.
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New Zealand’s government has offered to buy thousands of properties in areas in Christchurch, the country’s second largest city, because of the damage done by recent earthquakes. The government has set up a website, www.landcheck.org.nz, to help property owners work out which zone they are in.
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