Mortgage Worries Drive Markets Down

Exchanges sink on subprime woes; Blackstone jumps in debut
By Marie Morris,  Newser Staff
Posted Jun 22, 2007 4:45 PM CDT
Mortgage Worries Drive Markets Down
Specialist George Moerler III talks with a pair of traders on the floor of the New York Stock Exchange Friday, June 22, 2007. Stocks fell sharply Friday, extending the stock market's losses for the week, as bond yields remained elevated and as oil prices moved higher. (AP Photo/Richard Drew)   (Associated Press)

(Newser) – The major exchanges plummeted today, wrapping up a week of seesawing during which the Dow and the S&P 500 lost about 2% and the Nasdaq fell 1.4%. Even Bear Stearns' announcement that it will bail out a hedge fund entangled in subprime loans couldn't stop the bleeding. The Dow ended the day at 13,360.26, down 185. 58, or 1.4%.

Bear Stearns acted today to assume $3.2 billion in loads and head off creditors who had already begun selling assets. One bright spot was no-longer-private-equity firm Blackstone. The buyout firm, which went public yesterday, concluded its first day on the NYSE at $35.06, up $4.06 (13%) over the price of yesterday's IPO. (Read more S&P 500 stories.)

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