Stocks drop; mortgage default woes hit bank stocks
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Stocks fell for a third straight session on Friday as concern over rising defaults in the subprime mortgage industry sent financial services shares for their worst drop in a month.
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Stocks fell sharply on Friday, with all three major averages down over 1 percent, as a pair of troubled Bear Stearns hedge funds stoked concerns that other investment banks may face large losses from subprime mortgages.
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Stocks fell on Monday as financial shares weakened on news that Germany's largest bank may take a big hit from subprime mortgage investments, while a landmark strike at General Motors raised concern about the economic outlook.
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Stocks edged lower on Friday as weaker-than-expected data on new home sales reinforced worries about the housing and mortgage markets.
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The Dow industrials briefly fell into negative territory, led down by banks, in midday trading on Friday. Stocks sharply pared gains earlier in the day after weaker-than-expected data on new home sales.
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U.S. stocks fell at the open on Thursday, pressured by declines in banking shares after Britain's HSBC  warned that bad debts from its U.S. mortgage lending business would hurt results.
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Financial companies led Wall Street lower on Thursday after a sharp drop in Bank of America Corp's  earnings stoked worries about the extent the credit crunch has hurt the economy and profits.
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Asian and European stocks fell on Monday while sterling hit a one-year low as concerns over financing for banks grew after UK mortgage lender Northern Rock  tapped the Bank of England for an emergency loan last week.
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Mortgage and shopping blues combine to push stocks lower.
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Wall Street pulled back sharply Tuesday as investors dealt with disappointing earnings reports and renewed concerns about the mortgage lending market.
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NEW YORK, June 22 -- Wall Street ended a volatile week with a sharp decline Friday as investors again succumbed to nervousness about souring subprime mortgage loans and rising interest rates.
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Stocks fell on Thursday, hit by losses in financial companies after Bank of America Corp  reported a sharp drop in earnings, stoking concern the credit crunch was dragging on profits and the economy.
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U.S. stocks slid on Tuesday after Merrill Lynch warned that ailing credit markets will hurt bank profits, while reports showing eroding consumer confidence and falling home prices added to concerns about the economy.
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Stocks fell on Friday, led by a sell-off in financial shares on concerns about rising credit card defaults at companies such as American Express Co .
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U.S. stocks fell on Friday after Countrywide Financial Corp. became the latest mortgage lender to warn of rising defaults, while chip maker Micron Technology Inc.'s poor forecasts shook the tech sector.
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U.S. stocks fell on Monday, sending the Nasdaq Composite index down more than 1 percent, amid rising concerns about the subprime mortgage lending market and the diminishing appetite for risk in the latest leg of the global equity sell-off.
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U.S. stocks fell on Friday after Countrywide Financial Corp.  became the latest mortgage lender to warn of rising defaults, while chip maker Micron Technology Inc.'s poor forecasts shook the tech sector.