Reuters
Wall St opens lower on credit woes, oil

23 minutes ago

NEW YORK (Reuters) - Stocks dropped at the open on Thursday as fears of more credit losses in the financial sector rattled investors while shares of mortgage finance companies Fannie Mae (FNM.N) and Freddie Mac (FRE.N) slid anew.

A jump of nearly $4 per barrel in the price of U.S. crude oil also raised concerns about business and consumer spending.

Fannie fell 8 percent to $4.02 while Freddie dropped 11 percent to $2.89.

The Dow Jones industrial average (.DJI) fell 88.83 points, or 0.78 percent, to 11,328.60, while the Standard & Poor's 500 Index (.SPX) lost 9.15 points, or 0.72 percent, at 1,265.39. The Nasdaq Composite Index (.IXIC) declined 20.83 points, or 0.87 percent, at 2,368.25.

(Reporting by Walter Brandimarte; Editing by Kenneth Barry)

RECOMMEND THIS STORY

Recommend It:

Average (Not Rated)

0.0 stars
» Recommended Stories