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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
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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.

A Countrywide Bank Home Loans branch is seen in La Canada, Calif. Monday, Jan. 28, 2008. (AP Photo/Damian Dovarganes)
A Countrywide Bank Home Loans branch is seen in La Canada, Calif. Monday, Jan. 28, 2008. (AP Photo/Damian Dovarganes)   (Associated Press)
A pumpjack works outside Glenrock, Wyo., on Saturday, March 8, 2008. (AP Photo/David Zalubowski)
A pumpjack works outside Glenrock, Wyo., on Saturday, March 8, 2008. (AP Photo/David Zalubowski)   (Associated Press)
A grizzly bear rest on a large ball in it's pool at the St. Louis Zoo Sunday, Aug. 12, 2007. (AP Photo/James A. Finley)
A grizzly bear rest on a large ball in it's pool at the St. Louis Zoo Sunday, Aug. 12, 2007. (AP Photo/James A. Finley)   (Associated Press)
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Insolvency rumors dog Bear Stearns
Bloomberg

More on the FBI fraud probe into Countrywide
CNN

 
oil • NASDAQ • Dow Jones • Bear Stearns • Countrywide Financial • oil price • commodities • Ambac Financial • S&P 500

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