(Bloomberg) -- Stocks tumbled on evidence losses in
the mortgage market may slow the economy and reduce bank profits,
sending the Standard & Poor's 500 Index to its worst three-week
retreat since 2003.
Bear Stearns Cos., the manager of two hedge funds that
collapsed last month, helped carry financial shares to their
biggest decline in five years after S&P cut the company's credit
outlook. Energy shares fell to the lowest since May, led by Exxon
Mobil Corp. and Chevron Corp., on speculation weaker job growth
and falling oil prices will hurt earnings.
Read more at Bloomberg Stocks News
the mortgage market may slow the economy and reduce bank profits,
sending the Standard & Poor's 500 Index to its worst three-week
retreat since 2003.
Bear Stearns Cos., the manager of two hedge funds that
collapsed last month, helped carry financial shares to their
biggest decline in five years after S&P cut the company's credit
outlook. Energy shares fell to the lowest since May, led by Exxon
Mobil Corp. and Chevron Corp., on speculation weaker job growth
and falling oil prices will hurt earnings.
Read more at Bloomberg Stocks News
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