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July 25, 2008 11:49:23 AM CDT

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Stocks Fall on Credit Worries

Posted Dec 4, 07 3:39 PM CST in Business 

(Newser) – Stocks fell again today after JPMorgan Chase predicted that profits would drop at big brokerages. Meanwhile, lower oil prices lowered earning prospects for energy companies, reports Bloomberg. "Until credit loosens up, you can't get a solid footing in the market," says a manager. The Dow was down 65.84 to 13,248.73, the Nasdaq 17.3 to 2,619.83, and the S&P 500 9.63 to 1,462.79.

Shares of Goldman Sachs, Morgan Stanley, Merrill Lynch, and Lehman Brothers all fell after JPMorgan released its analysis. And Exxon and Chevron dropped after oil prices hit a 6-week low. Meanwhile, some are starting to predict that the Fed may cut rates by a half-point rather than a quarter-point at its meeting a week from today.

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

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The building on Broad Street in New York's Financial District that houses brokerage firm Goldman Sachs, is shown in this June 12, 2007 file photo. (AP Photo/Richard Drew, file)   (Associated Press)
The headquarters for J.P. Morgan Chase & Co. is shown in this Jan. 17, 2006 file photo in New York. (AP Photo/Mark Lennihan, File)   (Associated Press)
Stock exchange traders work at the New York Stock Exchange.   (Getty Images)
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stock market  • Federal Reserve  • Merrill Lynch  • JPMorgan Chase  • Goldman Sachs  • Lehman Brothers  • Morgan Stanley  • Exxon  • Chevron


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