5:00PM EST: Most U.S. stocks fell for a third day, capping the market’s worst month in six years, on concern that deepening mortgage losses will force more banks to cut dividends or sell shares at a discount.
Wachovia Corp. tumbled to the lowest since 1992 after an analyst said the lender may cut its payout, while Merrill Lynch & Co. and Citigroup Inc. dropped as JPMorgan Chase & Co. said prices for some mortgage securities may sink further. Lehman Brothers Holdings Inc. plunged as traders speculated the fourth- largest U.S. securities firm may be sold for less than its market value. Devon Energy Corp. led gains in oil producers, which sent the Standard & Poor’s 500 Index and Dow Jones Industrial Average higher, after analysts increased profit estimates through 2009.
The S&P 500 increased 1.62 points, or 0.1 percent, to 1,280, paring its retreat this month to 8.6 percent. The Dow added 3.5 to 11,350.01. The Nasdaq Composite Index lost 22.65, or 1 percent, to 2,292.98.
(Source: Bloomberg)
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5 Responses
its always nice to get away from the rat race and ubiquitous financial pressures of the world to spend a few relaxing minutes on YW, where i can be refreshed with Torah, Israeli news, and constant updates of the latest in financial doom and gloom.
I think we need to make a countdown toward the next great depression this is nuts but it is going to happen.
why is this on YWN?
Its amazing what a couple of towel heads in saudi arabi could do to the world.
#3 Without bread there is no Torah.