Get Updated

Traders Trade

Thursday, March 6, 2008

Wall Street Falls on Continuing Worries About Credit Markets

Wall Street pulled back sharply Thursday after renewed concerns about the credit markets and another dose of disappointing housing numbers intensified the market's worries about the sagging economy.

The Dow Jones industrials fell more than 120 points after two reports were issued about the housing industry. The Mortgage Bankers Association reported that home foreclosures hit an all-time high in the fourth quarter, while the National Association of Realtors said pending home sales were again sluggish last month.

Credit concerns continued to plague the market after lender Thornburg Mortgage Inc. and investment management firm Carlyle Capital Corp. both said they missed margin calls. Both companies have significant mortgage-backed securities holdings, which has collapsed since the subprime crisis began during the summer.

No comments: