Data Bank: Mortgage Crisis Drives Stocks Down Sharply
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The stock market fell sharply last week as the subprime mortgage crisis spilled over into the broad financial markets.
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Employers cut jobs for the first time in four years last month, the government reported yesterday, driving stock prices down in the United States and Europe and raising fears the slowdown in the housing and credit markets brought on by the crisis in subprime mortgages is spreading across the economy.
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Investors, frightened by the prospect of a new subprime mortgage crisis that could dwarf the write-downs of the last few months, sent markets lower.
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Stocks declined on Monday, led lower by financial shares, as a rush by savers to withdraw deposits at a large British mortgage lender fueled worries the credit market turmoil would spread.
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US stocks fell sharply on Tuesday, hurt by retail and housing sector earnings warnings. Financials were roiled by more bad news from the subprime mortgage market.
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Stocks fell sharply at the open on Friday after data showed monthly hiring contracted for the first time in four years, fanning recession fears and adding pressure for a Federal Reserve interest-rate cut.
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Stocks fell for a third straight session on Friday as concern over rising defaults in the subprime mortgage industry drove down financial services shares and the price of oil hit a 2007 high.
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Concern over subprime mortgages extended the stock marketâs worst weekly decline since March.
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Stocks fell on Monday after data showed the inventory of unsold properties soared to its highest level in over 15 years as subprime mortgage market troubles continued to wreak havoc in the housing sector.
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Stocks plunged yesterday as the Dow Jones industrial average fell more than 240 points and troubles piled up for subprime lenders.
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Stocks fell sharply on Thursday, with the Nasdaq and S&P both losing more than 1 percent as concern mounted that more financial services companies would report big losses from the credit crisis.
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U.S. stocks tumbled on Friday, with the Nasdaq logging its sharpest decline in nearly a year, after data showing rising unemployment stoked worries of a recession.
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Stocks fell sharply and goverment bonds rallied on Tuesday as further bad news from the beleaguered US mortgage sector fuelled concerns over growth prospects for the broader economy.
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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. stocks fell sharply on Thursday as worries about mortgage delinquencies hurt bank shares and a warning from home builder Toll Brothers Inc.  underscored weakness in the housing market.
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NEW YORK  -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.
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Stocks fell on Friday as investors lost their appetite for risk and sold shares of financials, home builders and other sectors that have been at the center of the credit market crisis.