Stocks Fall as Countrywide Tumbles 18.5 Pct
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Stocks turned sharply negative as shares of financial services companies slid with traders citing rumors of more financial problems at Countrywide Financial.
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Wall Street stocks fell sharply on Friday amid fears of bigger-than-expected writedowns and loan-losses at financial companies and as Bank of America (NYSE:BAC) agreed to absorb Countrywide Financial, the troubled mortgage lender.
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U.S. government bonds prices dived on Thursday as fears of tighter monetary policy globally fueled a break above 5 percent, unleashing another round of heavy selling.
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Countrywide Financial Corp , the largest U.S. mortgage lender, said on Thursday that its mortgage fundings slid 17 percent in August from a year earlier to $34 billion on the housing slowdown and "credit tightening in the mortgage market."
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Stocks tumbled on Tuesday, with the three major indexes posting their worst single day performance since March 13, as disappointing results from DuPont Co. and Countrywide Financial Corp. heightened concerns about the housing market.
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Wall Street stocks were set to open lower on Friday amid fears of bigger-than-expected writedowns and loan-losses at financial companies and as Bank of America (NYSE:BAC) agreed to absorb Countrywide Financial (NYSE:CFC), the troubled mortgage lender.
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Countrywide Financial Corp  posted a $1.2 billion third-quarter loss on Friday, but its shares climbed after the largest U.S. mortgage lender said it expected to be profitable in the fourth quarter and in 2008, and has weathered the worst of the nationwide housing downturn.
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U.S. stocks dropped sharply in late afternoon trading on Friday, with financial shares extending losses amid concerns about fewer buyout financings and the subprime mortgage industry.
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Stocks fell on Wednesday as worries over the worsening subprime mortgage market fueled more caution, sending the Dow Jones industrial average below the 12,000 level for the first time since November.
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Wall Street stocks declined on Tuesday, after major retailers lowered their sales forecasts, house prices fell at their sharpest pace for sixteen years and existing home sales fell to a five-year low.
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LOS ANGELES -- Countrywide Financial Corp. lost $1.2 billion in the third quarter, but its shares soared Friday after the nation's largest mortgage lender said it expects to be profitable this quarter and next year.
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Countrywide Financial Corp  posted a $1.2 billion third-quarter loss on Friday, but its shares soared after the largest U.S. mortgage lender said it expected to be profitable this quarter and in 2008, and had weathered the worst of the nationwide housing downturn.
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US stocks fall on Thursday after the country's largest mortgage lender warns of a possible recession.
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Stocks plunged Tuesday, driving the Dow Jones industrials down 200 points and erasing the gains from the past three sessions, as troubles for subprime lenders kept piling up and U.S. retail sales came in weaker than anticipated.
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Stocks dropped on Tuesday, pushing the Dow down more than 200 points in its second-biggest sell-off of the year, as mounting losses in the subprime mortgage sector dragged down shares of companies with any exposure to the U.S. housing market.
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Shares plunged in morning trading as a jittery Wall Street sold off on a report showing a large drop in pending home sales.
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Stocks slid on Tuesday as the subprime mortgage crisis escalated, undermining banking shares while Home Depot Inc.  and other housing-related companies lowered their outlooks.