Stock Losses Hit Wisconsin Businesses Hard

8/5/11 – Wisconsin companies were among those seeing their stock values plunge yesterday, as the Dow Jones industrial average had its ninth-biggest point loss ever. The Dow fell almost 513 points, the biggest one-day drop since the financial meltdown in December of 2008. Milwaukee’s M-G-I-C mortgage insurance company – which has been losing millions in the struggling housing market – had a 20-percent drop in its stock yesterday. Bon-Ton, which owns department store chains like Boston Store, plunged 18-percent. Mequon investment partner Chris Grant said the debt disaster in Europe and other world financial problems are landing on Wall Street’s lap. And he says we don’t have any solutions for them. Bruce Bittles of Milwaukee’s Robert W. Baird-and-Company says the stock market is giving up on its expectations of a normal economic recovery – and it’s now assuming that the economy is in a slowdown. Stock sell-offs have been the rule for two weeks, as the Dow has lost 10-and-a-half percent of its value since July 21st. Yesterday’s loss wiped out all of the Dow’s gains for the year.