Stocks Fall Sharply on Credit Concerns


	Stocks Fall Sharply on Credit Concerns

dewitte

10-6-2008 2:07 PM

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tags:

stock, wallstreet, mortgage, crisis

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/383a3baf-c4c9-45c1-90cb-c5671e17c8f6/3DF03C17-FBA6-43C2-8D1C-AE3145F92989/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/2008/10/07/business/07markets.html?_r=1&hp&oref=slogin" href="http://www.nytimes.com/2008/10/07/business/07markets.html?_r=1&hp&oref=slogin" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/10/07/business/07markets.html?_r=1&hp&oref=slogin"><P>The selling on Wall Street began at the opening bell on Monday and only intensified as the day went on. Shares moved sharply lower as the banking crisis tightened its grip on the global economy.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/10/07/business/07markets.html?_r=1&hp&oref=slogin"><div align="center"><img src="http://content8.clipmarks.com/blog_cache/www.nytimes.com/img/5C87DD70-EC9B-4A88-970B-E12D62CFC3B8" alt="" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/10/07/business/07markets.html?_r=1&hp&oref=slogin"><P>The Dow Jones industrial average fell below 10,000 for the first time since 2004 after losing more than 500 points in the first hour. The index has lost more than 1,100 points — or about 10 percent — in slightly more than a week.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/10/07/business/07markets.html?_r=1&hp&oref=slogin"><P>Shortly after noon,  the Dow was down 524 points or 5 percent. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/10/07/business/07markets.html?_r=1&hp&oref=slogin"><P>The broader American stock market was down more than 5.7 percent, as measured by the Standard & Poor’s 500-stock index, its worst decline since last Monday’s 8.8 percent drop.  At the same time, oil dropped below $90 a barrel.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/10/07/business/07markets.html?_r=1&hp&oref=slogin"><P> The precipitous declines on Wall Street came a day after European governments were forced to scramble to save several major banks and lenders from collapse. The moves reinforced the global reach of the current crisis and alarmed depositors and regulators in the United States and abroad. </P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/3DF03C17-FBA6-43C2-8D1C-AE3145F92989/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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