U.S. stocks decline further as credit saga continues

Date: Thu, 16 Aug 2007
11:46 am ET

DJIA

12,690

-171.36

S&P

1,390

-16.68

NASDAQ

2,433

-25.63

10Yr

4.66%

-0.047

U.S. stocks decline further as credit saga continues

NEW YORK
U.S. stocks retreated Thursday amid data illustrating the deepening
slump in the housing sector and word that Countrywide Financial, the
nation's largest mortgage lender, was drawing on an $11.5 billion line
of credit.

Economic Report: U.S. housing starts hit 10-year low in July; permits
also lower

WASHINGTON
U.S. home builders cut back again in July, starting construction on the
fewest number of new homes in more than 10 years, the Commerce
Department reported Thursday.

The Fed: Analysts start to pencil in Fed rate cut in October

WASHINGTON
Faced with tightening credit markets, Wall Street is clamoring for the
Federal Reserve to cut interest rates, but so far there is no indication
that the central bank will oblige.

Europe Markets: European shares drop sharply as banks and miners fall

LONDON
European shares slumped Thursday, with the top British index retreating
below a key level for the first time since March, as investors once more
sold down financial stocks as they worried about the extent of current
credit market woes.

Asian markets skid on heavy selling

HONG KONG
Asian indexes skidded Thursday as investors concerned about the health
of global credit markets continued to sell stocks across the board.