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MARKETS
S&P 500 index dives 15% in Q3
It was the biggest quarterly decline for the benchmark index since 1987 and the fifth drop in six quarters. The Nasdaq lost 31% while the Dow industrials shed 16%. All three indexes fell to 1998 lows in September. Through Thursday, the average diversified U.S. equity fund fell 19.6%, the worst showing since 1987, fund tracker Lipper said.
Investment banks felt pinch in Q3
Wall Street fees from helping to sell shares and bonds fell 26% to $1.7 bil from a year ago, research firms said. Investment banks collected only $148.2 mil in lucrative IPO fees. Q3 was the slowest IPO quarter in 10 years, with no U.S. IPOs since mid-August. M&A activity also dried up in Q3.
Global IPO activity fell 61% through Q3, research firm Dealogic said.
London starts bidding for LIFFE