Stocks Tumble Again
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Investors suffering through their worst November in seven years had little reason to give thanks Wednesday, as stocks faced another day of steep declines on mortgage market concerns.
In midday trade, the Dow was off 129 to 12,881. The Nasdaq fell 34 to 2562, and the S&P 500 shed 16 to 1423. The S&P has fallen about 8% this month, equaling its decline of November 2000, and the Nasdaq has dropped 10%. November has historically been one of the best months of the year for stocks, but the market in recent months has been beset with worries about the crumbling credit markets.
Countrywide Financial was the mortgage market's biggest loser on Wednesday, shedding 10%, but E*Trade escaped selling for a change with an 8% gain.
Chip stocks were hit hard, with AMD and Micron off 6% each. Micron fell on negative comments from Morgan Stanley, and Intel lost 2.5% on a Baird "neutral" rating.
Google was one of the few big-cap Nasdaq gainers, up less than 1% to $653.34.