Credit Angst Crushes Stocks
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Stocks in the U.S. sold off into the close Monday as yet more worries about the credit arena dragged down the market and sent investors scrambling to government fixed-income securities. After meandering for much of the day, the...
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Stocks in the U.S. sold off into the close Monday as yet more worries about the credit arena dragged down the market and sent investors scrambling to government fixed-income securities. After meandering for much of the day, the Dow Jones Industrial Average took a sharp turn south late and ended with a loss of 237.44 points, or 1.8%, to 12,743.44. The S&P 500 gave back 33.48 points, or 2.3%, to 1407.22, and the Nasdaq retreated by 55.61 points, or 2.1%, to go out at 2540.99. Though most subgroups declined, as is not uncommon the financial space led the way lower. One of the hardest hit names was Countrywide, which slumped on word that New York Sen. Chuck Schumer wants regulators to take a closer look at loans made by the Federal Home Loan Bank of Atlanta to the mortgage lender. Countrywide dropped 10.5% to $8.64. Earlier, London's HSBC said it plans to transfer two structured investment vehicles to its balance sheet, increasing its assets by $45 billion. HSBC will make $35 billion available for the funds, and it said it doesn't anticipate a material effect on its earnings. However, its shares slipped 2.6% to $82.54.
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Separately, The Wall Street Journal said potential buyers of E*Trade are proving reluctant to come through with a bid because of concerns about the declining value of the online broker's mortgage portfolio. E*Trade was down 13.7%...
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