Stocks Fried, Mortgage Smacked, Gold Spikes

Stocks were fried today on rising gold and extreme pessimism in the mortgage business, as the major indexes fell the most in over a week. The DJIA gave back -180.51 to 11479.39, the Nasdaq fell -35.54 to 2416.98 and the S&P 500 dropped -19.56 to 1278.64.

Fannie Mae (FNM | Quote | Chart | News | PowerRating) - The large mortgage company and her brother Freddie Mac were smacked down today 21.74% or $1.72 to $6.19/share after Baron’s stated that a Federal bailout would devastate investors.

Lennar Corp (LEN | Quote | Chart | News | PowerRating) - dropped 7.19% or $0.85 to $10.96/share as the home builder suffers through the worst housing slump since the Great Depression

General Motors (GM | Quote | Chart | News | PowerRating) led the DJIA lower with a loss of 7.42% or $0.83 to $10.35/share on negative comments from CEO Rick Wagoner.

UnionbancalCP (UB | Quote | Chart | News | PowerRating) climbed 11.80% or $7.73 to $73.22/share after Mitsubishi upped its takeover offer to procure full control of the California Bank.

Gold spiked $14.60 to $806.70, Oil gave back another $0.86 to $112.91 and the VIX rocked up 7.15% to 20.98 indicating the market is getting nervous once again.

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