Stocks end down sharply on credit worries
|
|
|
NEW YORK (Reuters) - U.S. stock indexes ended down sharply on Wednesday, with the Dow closing below 13,000 for the first time since April 24, following more credit jitters after shares of No. 1 mortgage lender Countrywide Financial Corp. dropped sharply.The sell-off wiped out all of the S&P 500's gains for the year.Countrywide slid on rumors the company has been unable to raise money from the commercial paper market. Countrywide officials were not immediately available to comment.Based on the latest available data, the Dow Jones industrial average <.DJI> dropped 170.14 points, or 1.31 percent, to end unofficially at 12,858.78. The Standard &Poor's 500 Index <.SPX> was down 19.84 points, or 1.39 percent, to finish unofficially at 1,406.70 and now down for the year. The Nasdaq Composite Index <.IXIC> was down 40.29 points, or 1.61 percent, to close unofficially at 2,458.83.
(c) Reuters 2007. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.
|
|
|
|
|
|
Related News
Hershey, Nestle, sweeten war for Cadbury
Washington - Hershey and Nestle are expected to jump into the war over Cadbury sweets, media reports said Saturday, just weeks after the British-based stalwart rejected a hostile bid by US Kraft Inc. The growing market for chocolate in the developing...
US stock drop slightly on Dell profits, mixed for week
New York - Technology and energy shares pushed US stocks lower Friday, capping a mixed week for investors amid unease about the pace of the world's economic recovery. Tech stocks slid after a disappointing earnings report from computer giant Dell, wh...
GM: Opel restructuring plan by mid-December; cuts up to 25 per cent
Washington - US carmaker General Motors will present a new restructuring plan for its European operations by mid-December, Nick Reilly, the new head of GM Europe, wrote on his new blog Friday. While the details were still being hashed out, Reilly war...
US stock sell-off on fears of weak recovery
New York - US stocks followed global markets in a broad decline amid investor fears over the world's uneasy recovery from recession. Major US stock indices fell about 1 per cent on average, following hefty declines in the DJ Euro Stoxx 50 and Japan's...
US leading economic indicator gains 0.3 per cent
Washington - A key measure of US economic performance gained in October, according to a private research group Thursday, signalling that a broader recovery may be taking hold. The New York-based Conference Board's Leading Economic Index added 0.3 per...
US stocks fall slightly on technology earnings
New York - US stocks posted modest losses Wednesday on poor profit forecasts from technology firms and a surprising dip in home construction. Earnings from Salesforce.com and Autodesk were worse than expected. Other technology shares losing ground in...
Obama acknowledges danger of double-dip recession if deficit grows
Washington - President Barack Obama said Wednesday he was mindful of the dangers brought on by the country's skyrocketing budget deficit, warning that too much spending could lead the United States into another recession. Obama, who has taken heavy c...
|
|
|
|
|
|
|
|
