U.S. Stocks Fall on Credit Concern
Published September 10th, 2007
Most U.S. stocks fell, led by financial companies, after Washington Mutual Inc. said it may have to set aside more money to cover bad loans and analysts cut profit estimates on Countrywide Financial Corp.
Washington Mutual, the largest U.S. thrift, dropped after saying housing market conditions are creating a “near-perfect storm” that may force it to boost its loan-loss provision by $500 million. Countrywide retreated after UBS and Merrill Lynch lowered earnings estimates for the biggest mortgage company.
Almost nine stocks dropped for every five that gained on the New York Stock Exchange. The Standard & Poor’s 500 Index lost 0.14 to 1,453.41 as of 10:26 a.m. in New York. The Dow Jones Industrial Average increased 36.96, or 0.3 percent, to 13,150.37. The Nasdaq Composite Index rose 1.87, or 0.1 percent, to 2,567.57.
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