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Aug-09-2007 07:53printcomments

U.S. Stocks Tumbling on Credit Woes

At 12:40 PM the dow was down 310 points, the NASDAQ was down 47 points, and the S & P 500 was down 35 points.

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Salem-News.com

(NEW YORK) - The Dow industrials dropped more than 200 points at the start of Thursday's session following more credit worries.

The Dow Jones industrial average tumbled by as much as 241 points, before rebounding a little to stand down 98 points at 8:10 AM PT.

The S&P 500 was down 13.88 points while the Nasdaq Composite index was down 5.20 points. (Updated 8:11 AM)

At 12:40 PM the dow was down 310 points, the NASDAQ was down 47 points, and the S & P 500 was down 35 points.

CNN said stocks sank after French bank BNP Paribas said it was hit by problems in the U.S. subprime mortgage sector.

The bank said it was freezing three funds because current conditions make it impossible to value their assets.

AIG, the world's largest insurance company, warned Thursday morning that it saw mortgage delinquencies spreading after posting better-expected quarterly earnings late Wednesday. AIG shares tumbled more than 5 percent on the news CNN reported this morning.

Salem-News.com will have more on this story as soon as it becomes available.




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kim August 14, 2007 4:59 pm (Pacific time)

wellthis news need to go in the school system.It can teach the chldern the differnt types of news facts.


Henry Ruark August 11, 2007 7:15 am (Pacific time)

See further comment, after day of devastating further loss, on preceding story.


Henry Ruark August 9, 2007 12:41 pm (Pacific time)

"See also" authoritative full discussion at NYTimes 8/7: "Even Nonhousing Markets Feel Mortgage Fallout"; and in Bsn GLOBE (7/30) (by Robert Kutner) "The Crash That Could Come", at: www.boston.com/news/globe.


Henry Ruark August 9, 2007 11:10 am (Pacific time)

World economy is threatened by latest Wall St. speculative drive for much "stinker-level" credits now rotting out from under all too many U.S. homes, and threatening fullscale impact on corporate credits as felt worldwide. Hang tight for rapid rush to the door on way out of bad bets, but perhaps not fast enough to offset drop into a real Depression. Bush claims "just another business cycle" --he may be right, but won't state it may well be last-step drop-off into worst we've ever seen...

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Sean Flynn was a photojournalist in Vietnam, taken captive in 1970 in Cambodia and never seen again.