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Mar-13-2007 12:22printcomments

UPDATE: Dow Plummets 242 Points on Subprime Mortgage Loan Worries

Dow: -242.66; NASDAQ: - 51.72; S&P 500: - 28.65

money graphic

(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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Hank Ruark March 14, 2007 11:52 am (Pacific time)

Al et al: Might be worth it if only they had to export Cheney as part of the deal !! But then,undoubtedly, Dubai would sue us in World Court.

Albert Marnell March 14, 2007 10:35 am (Pacific time)

Thanks for highlighting this Hank. Maybe if they rap it in the American flag they can sell it to Americans again. People in power must go to Jimmy Walker University of Tammany Hall.

Haank Ruark March 14, 2007 10:12 am (Pacific time)

Hope you-all noticed Halliburton removal to Dubai... while under investigation for billions lost/wasted/GONE !! in Iraq and other depredations firmly on public record.

Albert Marnell March 13, 2007 10:03 pm (Pacific time)

I agree with Hank and Derrick. "Happy Talk" on the tube by people like Treasury Secretary Henry Paulson and Labor Secretary Elaine Chao doesn't fool me. "Why We Fight" is a great documentary that explains what President Eisenhower meant in his departing speech in January 1961. Beware of the military, industrial complex; it takes on a life of its own and deprives people of the basics. His son and grandaughter often still warn people, they are not invisible but do not get much visibility because they are a threat to the evil doers in Washington and the profiteers in defense and congress. I just sent in my first estimated payment for 2007. I know that the money is going to congressional corruption colluding with the aerospace and defense industry rather than for healthcare, and things for the poor and middle class. It makes me angry. Even Social Security has been under attack by the administrations publicity machine. I always say there is plenty of money for domestic programs and no one in this country should be without the basics. But selling economic colonization has been drummed into the psyches of the average American....they do not know what is real anymore. Even the word "Freedom" has been so overused in U.S. propaganda that it sounds hollow. We fight because we have become the most militaristic country in the world, colonizing with economics and brute force but it is hard for Americans to see themselves through the eyes of others and we are already paying a high price for domination and profit under the guise of "Freedom". Give Eugene Jarecki's documentary a chance. If your library does not have it ask them to order it for you or go to Blockbuster. It is only one year old.

Derrick Storms March 13, 2007 8:29 pm (Pacific time)

Teusdays sell off confirmed a bear market. It is not surprising that the REIT and financial sectors plummeted with the lax lending standards over the past 4 years. It is definitely time to get out of the market, or better yet go short.

Hank Ruark March 13, 2007 6:32 pm (Pacific time)

Plain fact is that upper 1% has been gaining by Bush's tax-slash distortion of the economy whil everyone else is left holding the bag. Now it is all coming home to roost while some seek others to blame. We need to clear away the corporate and class-based give-aways and get back to basic American principles.

Nona March 13, 2007 5:31 pm (Pacific time)

My mother and her parents were Enemy Aliens with U.S. government cards declaring them so....they were never behind in anything and many people who were U.S. born were jealous of them....it's a long story.

Albert Marnell March 13, 2007 5:04 pm (Pacific time)

The energy sector was down about 1.5% from yesterday's close and about 1% from this morning's open. Every source of statistics can be bent and from what have read before I wrote this, the above comment about the energy sector is way off.

Anonymous March 13, 2007 4:55 pm (Pacific time)

In past times sub-prime loans included no-document home loans where a buyer wanted a fast transaction and had a large down payment to risk. But today, they often include those borrowers who lack Social Security numbers which often describes an Illegal Alien. I suspect its a lot of those folks who are failing to cover their deferred down payments and otherwise balloons that are coming due.

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