All told, about $7 trillion of shareholders' wealth -- the gains of the last six years -- will be wiped out in a year marked by violent market swings.
But what is striking is not just the magnitude of the declines, staggering as they are, but also their breadth. All but 2 of the 30 Dow industrials, Wal-Mart and McDonalds, fell by more than 11 percent. Almost no industry was spared as the crisis that emerged in the subprime mortgage market metastasized and the economy sank into what could be a long, gray recession.
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