Downturn of 2002
This event was a downturn in stock prices during 2002 and was felt not only on the NYSE but also in Canada, Asia, and Europe. After recovering from the lows reached following the 9/11 attacks, indices started to slide in March 2002 with sharp declines in July and September, reaching lows last seen in 1997 and 1988.
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An explosion of accounting scandals – Arthur Anderson, Adelphia, Enron and WorldCom – also contributed to the speed of the downturn as many corporations were forced to restate earnings, some leading to negative outcomes, leading to the loss of investor confidence.