And there goes our money….  Yesterday, the stock market experienced its worst decline since the 9/11 attacks.  The stock market plunged more than 500 points to a new recent low. 

The decline in the stock market was due to the failure and bankruptcy filing of Lehman Brothers, a large investment bank, and the weekend sale of Merill Lynch to Bank of America corp.  Both of these major occurrences flooded investors with financial fears of a never-ending credit crisis.

Furthermore, the market was rattled today with news that insurance company AIG and Washington Mutual may soon follow in this dark path. 

Here are some other reports that are causing havoc on the trading floor today:

Goldman Sachs - largest of the two big independent investment banks on Wall Street, posted its sharpest decline in earnings since becoming a public company in 1999. The company said quarterly earnings fell 70 percent from a year earlier and that it saw a marked decrease in client activity.

Dell, Inc. - warned that it sees a further softening in global demand in the current quarter. The computer manufacturer fell $1.77, or 9.8 percent, to $16.22.

Hewlett Packard Co. - announced plans Monday to cut 24,600 jobs, or about 8 percent of its work force, over the next three years as it works through its acquisition of technology-services company Electronic Data Systems Corp.

Asian Markets - Overseas, markets in Asia fell sharply Tuesday after being closed Monday. Japan’s Nikkei stock average fell 4.95 percent. Hong Kong’s Hang Seng index lost 5.44 percent.

So what do you do in this time of crisis?  Do you hold on to your investments or do you sell them off?  Stay tuned into the SABAsearch blog this week as we bring you expert advice from Houston area financial advsiors and planners. 

In the meantime, if you would like to contact one personally, please refer to the SABAsearch business directory to find Houston South Asian Financial and Investment Planners and Advisors.  Good luck!

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