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Dow Sinks Below 11K

Fannie, Freddie continue to sink; regional banks hit hard

By Nick McMaster, Newser Staff

Posted Jul 15, 2008 3:34 PM CDT

(Newser) – The markets ended mixed today after a seesaw session. An $8 decline in crude encouraged investors, but concerns about the fate of the mortgage GSEs and regional banks persisted, MarketWatch reports. The Dow ended down 93.39 at 10,961.80, the first time in over 2 years the average has closed below 11,000. The Nasdaq gained 2.84 to close at 2,215.71, and the S&P 500 fell 13.39 to 1,214.91.

GM rallied after its announcement of a major restructuring. Fannie Mae and Freddie Mac both plummeted around 20% despite the SEC's announcement that it would restrict "naked” short selling of the GSEs' stock. Regional banks continued to suffer fallout from IndyMac’s dire straits: Fifth Third fell 3.2%, and National City lost 11%.

Traders work on the floor of the New York Stock Exchange, Tuesday, July 15, 2008. (AP Photo/Edouard H.R. Gluck)

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Dow Sinks Below 11K

Fannie, Freddie continue to sink; regional banks hit hard

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Stocks Continue Strong Rally

Dow up 207 points; third consecutive day of falling oil prices helps

Markets Surge on Oil, Financials

Another drop in crude, good news from Wells Fargo brings out the bulls

Dow Up 299 on Stimulus, Autos

Industries likely to benefit from Obama building plan see gains

Dow Off 400+ Again, Below 9K

Worrisome news on retail, jobs sink stocks

Stocks Flat; Oil Falls $3.90

Energy concerns take a hit as crude plunges

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Dow Sinks Below 11K

Fannie, Freddie continue to sink; regional banks hit hard

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OTHER STORIES ON OUR RADAR

NASDAQ • Dow Jones • General Motors • Freddie Mac • Fannie Mae • oil price • S&P 500 • oil prices • financial crisis

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Stocks Continue Strong Rally

Dow up 207 points; third consecutive day of falling oil prices helps

Markets Surge on Oil, Financials

Another drop in crude, good news from Wells Fargo brings out the bulls

Dow Up 299 on Stimulus, Autos

Industries likely to benefit from Obama building plan see gains

Dow Off 400+ Again, Below 9K

Worrisome news on retail, jobs sink stocks

Stocks Flat; Oil Falls $3.90

Energy concerns take a hit as crude plunges

About Us

Site

Newser By Users

Community

Site Maps

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More News

What is Newser?