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July 25, 2008 4:51:31 PM CDT

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Stocks Fall Second Straight Day

Posted Nov 15, 07 3:46 PM CST in Business 

(Newser) – Stocks were down for a second consecutive session today on bad tidings from Wells Fargo, JC Penney, and Exxon Mobil. Mortgage giant Wells called the housing market the worst since the Depression; Exxon fell after a surprise decrease in oil prices. The Dow was down 120.96 to 13,110.05, the Nasdaq 25.81 to 2,618.51, and the S&P off 19.43 to 1,451.15.

Meanwhile, JC Penney cut its earning forecasts after reporting worse-than-expected profits. Worries that loan giant Fannie Mae might have covered up some losses in its latest earnings report pushed its stock down 10% and "just killed the market,'' an analyst told Bloomberg. "It doesn't seem like anyone can get their arms around just how big the subprime mess is.''

Sources Bloomberg, Wall Street Journal, Wall Street Journal, Financial Times (UK)

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Mall patrons walk toward an entrance to a J.C. Penney department store in Dallas in this Feb. 16, 2007 file photo. J.C. Penney Co. on Thursday, Nov. 15 said its third-quarter profit fell 9 percent, hurt...   (Associated Press)
Exterior view of a Wells Fargo Bank is seen in Sunnyvale, Calif., in this April 16, 2007 file photo. (AP Photo/Paul Sakuma, file)   (Associated Press)
The New York Stock Exchange   (Getty Images)
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