Stocks end down sharply on credit worries
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| Posted
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Wed, 15 Aug 2007 20:14:15 GMT |
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Reuters |
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US (Business) |
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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.
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