Thursday, August 09, 2007

Bad News

Here are the top stories on the Wall Street Journal page as of 10:50 PM:

COUNTRYWIDE SAID it faces "unprecedented disruptions" in the mortgage market that could damage its earnings. (SEC filing)

The Dow industrials plunged 387.18 to 13270.68, their second-worst day of the year. Corporate-bond markets were roiled. The ECB, Bank of Japan and Fed injected cash into the financial system to bring interest rates down.

Credit Fears Rattle Asian Stocks

French bank BNP Paribas froze three funds holding subprime-backed securities. Tarragon raised doubts about its ability to stay in business.

Home Depot's Supply Unit May Sell at a Lower Price

Banks Begin to Retreat From Financing Offers

Not a good day. Wall Street has tanked for the last three Fridays. After today's sell-off in the markets, I would expect a positive day on Wall Street tomorrow as investors look for bargains. But given the headlines, I dunno anymore.

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