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.''