From yahoo finance:
NEW YORK (AP) -- Stocks plunged Tuesday, driving the Dow Jones industrials down 200 points and erasing the gains from the past three sessions, as troubles for subprime lenders kept piling up and U.S. retail sales came in weaker than anticipated.
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Investors, bracing for a wilting economy, fled the already deflated subprime mortgage sector as problems increased for lenders such as New Century Financial Corp., Accredited Home Lenders Holding Co., and GMAC Financial Services.
Also, a report from the Mortgage Bankers Association which showed that mortgage delinquencies and foreclosures climbed in the last quarter of 2006 weighed on investors.
The market was also worried Tuesday about retailers, which the Commerce Department said eked out a meager 0.1 percent rise in sales last month. The data overshadowed a profit report from Goldman Sachs Group Inc. that came in well above Wall Street's forecast.
In midafternoon trading, the Dow fell 191.63, or 1.56 percent, to 12,126.99, after falling more than 200 points.
Broader stock indicators also fell. The Standard & Poor's 500 index fell 23.13, or 1.64 percent, to 1,383.47, and the Nasdaq composite index slid 42.04, or 1.75 percent, to 2,360.25.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
NEW YORK (AP) -- Stocks plunged Tuesday, driving the Dow Jones industrials down 200 points and erasing the gains from the past three sessions, as troubles for subprime lenders kept piling up and U.S. retail sales came in weaker than anticipated.
ADVERTISEMENT
Investors, bracing for a wilting economy, fled the already deflated subprime mortgage sector as problems increased for lenders such as New Century Financial Corp., Accredited Home Lenders Holding Co., and GMAC Financial Services.
Also, a report from the Mortgage Bankers Association which showed that mortgage delinquencies and foreclosures climbed in the last quarter of 2006 weighed on investors.
The market was also worried Tuesday about retailers, which the Commerce Department said eked out a meager 0.1 percent rise in sales last month. The data overshadowed a profit report from Goldman Sachs Group Inc. that came in well above Wall Street's forecast.
In midafternoon trading, the Dow fell 191.63, or 1.56 percent, to 12,126.99, after falling more than 200 points.
Broader stock indicators also fell. The Standard & Poor's 500 index fell 23.13, or 1.64 percent, to 1,383.47, and the Nasdaq composite index slid 42.04, or 1.75 percent, to 2,360.25.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
I never hold overnight.
lol