Stocks Plunge on Rising Mortgage Worries

Discussion in 'Wall St. News' started by universaltrader, Mar 13, 2007.

  1. From yahoo finance:

    NEW YORK (AP) -- Stocks plunged Tuesday, driving the Dow Jones industrials down 200 points and erasing the gains from the past three sessions, as troubles for subprime lenders kept piling up and U.S. retail sales came in weaker than anticipated.

    Investors, bracing for a wilting economy, fled the already deflated subprime mortgage sector as problems increased for lenders such as New Century Financial Corp., Accredited Home Lenders Holding Co., and GMAC Financial Services.

    Also, a report from the Mortgage Bankers Association which showed that mortgage delinquencies and foreclosures climbed in the last quarter of 2006 weighed on investors.

    The market was also worried Tuesday about retailers, which the Commerce Department said eked out a meager 0.1 percent rise in sales last month. The data overshadowed a profit report from Goldman Sachs Group Inc. that came in well above Wall Street's forecast.

    In midafternoon trading, the Dow fell 191.63, or 1.56 percent, to 12,126.99, after falling more than 200 points.

    Broader stock indicators also fell. The Standard & Poor's 500 index fell 23.13, or 1.64 percent, to 1,383.47, and the Nasdaq composite index slid 42.04, or 1.75 percent, to 2,360.25.

    New York Stock Exchange:

    Nasdaq Stock Market:
  2. Holy F***, I just randonly pulled up LEND.
    Yesterdays close: 11.40

    Price right now: 4.19

    63% loss in one day! :eek: :eek: :eek:

    Real Estate = NAZ 2000 all over again

    This could trigger the first real panic.
  3. yonglee


    Everybody be cautious in your investments. I think this is the time we need to step back for a while and see what we can do the best. ^^

    I pulled out all my stocks last week.
  4. Yup I'm in cash except for one leeeeeeeeetle position in a stock that goes up on down days...
  5. yonglee


    Good job, my buddy. Way to go.
    I also retain my best stock. :cool:
  6. i told ya all that timberhill is the best indicator for market top/bottom. their impending ipo is a dead giveaway.
  7. In cash? Best trading opportunities arise when the shit hits the fan!

    Umm well, I guess im in cash too, at the end of every day :) I never hold overnight.

    I had a crap day today though, lost $1000 when a day like this typically makes me 10G's :(

    ( notice, I bet everyone believes I lost $1000, but if I had posted that I made 10G's everyone would challenge me, haha)
  8. yonglee


    I would've lost $10000 today if I didn't pull out all my money last week. To me, there is no doubt to step back in this situation. I will be back to the market, when time comes.
  9. Fine, only losers lose 1G. i mean anybody with an account can lose 1k. come back when u lose 50K. ET piker :D lol

    i hope all did ok today or atleast had controlled losses