Stocks Fall on Economic Data, Widening Subprime Crisis

  • August 3, 2007
  • John Patrick Lee

The major averages continue to trade firmly in negative territory
heading into the afternoon. The markets only briefly rose above
the unchanged line early in the session, before falling sharply
back into the red. The losses come on the heels of poor economic
data released this morning.

Housing and Financial stocks continue to post losses following
news that American Home Mortgage
(
AHM |
Quote |
Chart |
News |
PowerRating) will close down
their operations. The news reinvigorates fears that the sub-prime
mortgage crisis will spread to the broader economy (read
more).

Weyerhaeuser
(
WY |
Quote |
Chart |
News |
PowerRating) reported a fall in its second-quarter
profit as the company booked higher charges over last year.
Quarterly sales also declined from prior year, hurt by weak
housing market (read
more).

Procter & Gamble
(
PG |
Quote |
Chart |
News |
PowerRating) reported a 19% rise in fourth-quarter
earnings on higher margins coupled with 8% top line growth (read
more).

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Stocks in Motion

KeySpan
(
KSE |
Quote |
Chart |
News |
PowerRating) Q2 Profit Increases On Gas Distribution Segment
Results (full
story).

Toyota Motor
(
TM |
Quote |
Chart |
News |
PowerRating) Q1 Profit Up On Strong Overseas Sales, Weak Yen (full
story).

Accredited Home Lenders
(
LEND |
Quote |
Chart |
News |
PowerRating) Files FY06 Annual Report (full
story).

For more stories as they happen, go to our
Breaking News section.


Market Snapshot

Dow

 -60.48 13402.85

NASDAQ

 -15.26 2560.72

S&P 500

 -8.98 1463.22

NYSE NASDAQ

Volume

 741,699,440 886,069,398

Up Volume

 144,101,430 244,920,678

Down Volume

 594,239,510 625,987,265

Advances

 885 922

Declines

 2,303 1,874

New Highs

 35 43

New Lows

 169 201


Strongest/Weakest Industry Groups

Strongest Industries

Weakest Industries
Sporting Goods
Stores		 Data
Storage Devices

Specialized Health Services		 Toy &
Hobby Stores
Building
Materials Wholesale
Manufactured Housing



Economic
News

Job Growth Below Expectations In
July; Unemployment Rate Ticks Up (full
story)

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