Financials, $108 Oil Sink Stocks

Crude shatters record price; recession fears prevail
By Nick McMaster,  Newser Staff
Posted Mar 10, 2008 3:49 PM CDT
A Countrywide Bank Home Loans branch is seen in La Canada, Calif. Monday, Jan. 28, 2008. (AP Photo/Damian Dovarganes)   (Associated Press)
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(Newser) – US stocks fell today for a third consecutive day as fears of recession continued to spread, MarketWatch reports. With Ambac’s revival uncertain and Countrywide facing a possible securities fraud probe, shares of both financial giants plummeted, pressuring the overall market downward. The Dow lost 153.54 to close at 11,740.15, the Nasdaq dropped 43.15 to 2,169.34, and the S&P 500 fell 20.00 to 1,273.37.

"You've got the issues surrounding the financial system and the undeniable fact that the pace of economic activity has slowed,'' said one fund manager. The price of oil surged past $108 as investors sought the relative safety of commodities: "People are seeing oil as a haven for their money that they're taking out of stocks," said an energy analyst.