State Street Shares Fall 59 Percent

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Stock in the Boston-based financial services firm
State Street took a beating on Wall Street yesterday, plunging nearly 60 percent.

The sell-off came after the company reported it was holding more than $9 billion in troubled investment securities and commercial loans.

It's stock price fell to about $15, the lowest level since 1996.

Even so, State Street says its fundamental business is still strong.

This program aired on January 21, 2009. The audio for this program is not available.