Countrywide Financial (CFC | Quote | Chart | News | PowerRating) is seeing yet another down day
after it said it is going to tap into its entire credit line. CFC
shares are down nearly 15% as of 11:45AM EST. Meanwhile, economic
reports released suggested that the housing market is still not
out of the woods and the job market is showing signs of weakness,
which could fortify expectations for an interest rate cut.
Nonetheless, the credit crisis could linger in the minds of
traders and prod them to be more cautious before they take any big
bets.
Crude oil futures for September delivery fell
2.4% to $71.54 a barrel. Gold
futures for December delivery fell 2.2% to $664.90 an ounce, the
largest drop in over a month.
Around Asia, Shanghai's Composite fell 2.1% to 4,765.45, Hong
Kong's Hang Seng lost 3.3% to 20,672.39, Tokyo's Nikkei index lost
2% to 16,148.49.
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Market Snapshot |
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Volume |
1,112,023,000 |
1,101,496,000 |
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Strongest/Weakest Industry Groups |
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Economic
News |
| Housing Starts 1381K vs 1405K
consensus, prior revised to 1470K from 1467K Building Permits 1373K vs
1400K consensus, prior revised to 1413K from 1406K
Initial Claims 322K vs 315K consensus |
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com
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