Stocks Take Another Tumble

Mortgage woes persist, retail down
By Jonas Oransky,  Newser Staff
Posted Aug 14, 2007 3:50 PM CDT
Stocks Take Another Tumble
Traders Brendan Dowd, left, and Ronald Zdrojeski talks as they work on the floor of the New York Stock Exchange, Tuesday, Aug. 14, 2007. Wall Street pulled back on Monday as investors grew concern about the pace of consumer spending after Wal-Mart Stores Inc. reported weaker-than-expected quarterly...   (Associated Press)

The markets lost again today, as a small cash manager’s move to halt investor pullouts agitated fears about liquidity, as well as deeper jitters over mortgage woes seeping into credit markets. The Dow fell 207.61 points to 13028.92, dragged down heavily by two major retail components, Wal-Mart and Home Depot, which both released anemic numbers.

The Nasdaq dipped 43.12 to 2499.12, and the S&P was off 26.38 to close at 1426.54. In brighter news, the core producer-price index increased, a development that could make an interest rate cut more palatable. And the US trade deficit dropped surprisingly by 1.7% in June. Still, losers outnumbered winners nearly 6 to 1 on Wall St, as volatility continued to increase. (More subprime mortgages stories.)

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