RSG Admin
07-07-2008, 10:17 AM
July 7 (Bloomberg) -- U.S. stocks fell, sending the Standard & Poor's 500 Index into a bear market, as concern that banks will be saddled with more losses from mortgage debt erased the market's biggest gain in three weeks.
Fannie Mae and Freddie Mac, the two largest U.S. providers of financing for home loans, tumbled on speculation banks were unloading more mortgage bonds. JPMorgan Chase & Co. and Citigroup Inc. also retreated, sending the S&P 500 Financials Index to its lowest level since October 2002. Exxon Mobil Corp. and Schlumberger Ltd. dropped as crude slid. ...http://tinyurl.com/63ng4e
Fannie Mae and Freddie Mac, the two largest U.S. providers of financing for home loans, tumbled on speculation banks were unloading more mortgage bonds. JPMorgan Chase & Co. and Citigroup Inc. also retreated, sending the S&P 500 Financials Index to its lowest level since October 2002. Exxon Mobil Corp. and Schlumberger Ltd. dropped as crude slid. ...http://tinyurl.com/63ng4e