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Mar-13-2007 12:22TweetFollow @OregonNews
UPDATE: Dow Plummets 242 Points on Subprime Mortgage Loan WorriesSalem-News.com Business Report
Dow: -242.66; NASDAQ: - 51.72; S&P 500: - 28.65
(NEW YORK) - Stocks were slammed on Tuesday due to major selling of financial stocks because of worries about subprime mortgage loans.
Financial stocks, homebuilders and REITs were targets of today’s intense selling.
The financial sector was the biggest loser among the ten S&P 500 sectors due to the subprime concerns while energy was the lone sector trading in positive territory.
The Dow is down 2.4 percent so far in 2007.
Despite the selloff, some investors remain encouraged after the Dow posted three straight sessions of gains.
Subprime lenders were in the news today after the New York Stock Exchange said it suspended trading of New Century Financial New Century Financial Corp and would delist the stock.
The company announced earlier that it’s lending activities are under preliminary investigation by the U.S. Securities and Exchange Commission.
The Commerce Department said retail sales in February rose 0.1%, due to harsh winter weather.
Shoppers last month, cut spending on home furnishings, building and garden supplies, clothing, electronics and appliances, and sporting goods, books and music. They also ate out less.
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