Wall Street drops on Fed talk, higher crude

11:50 am ET Oct 16, 2007

DJIA

13,937

-47.39

S&P

1,543

-5.65

NASDAQ

2,777

-2.44

10Yr

4.65%

-0.022

Wall Street drops on Fed talk, higher crude

NEW YORK
Wall Street shares declined again on Tuesday, with financial stocks
weighing on the market amid signals the recent credit crunch would dent
earnings in the fourth quarter and on news that Federal Reserve Chairman
Ben Bernanke said trouble in the housing market would likely slow
economic growth into early 2008.

Financial Stocks: Bear a rare gainer as credit crunch weighs on sector

NEW YORK
Shares of Bear Stearns Cos Inc. rose modestly in early trading Tuesday
after China's Citic said it is interested in taking a stake in the Wall
Street firm.
Ericsson shares shed 25% on profit warning as margins erode

LONDON
Shares in Ericsson AB lost more than a quarter of their value on Tuesday
after the world's largest maker of wireless networks warned its
third-quarter profit would fall well short of expectations due to lower
demand for mobile network upgrades in North America and Western Europe.

Futures Movers: Oil futures break $87 to reach fresh record-breaking
heights

SAN FRANCISCO
Crude-oil futures backed down from record highs early Tuesday, again
trading below $87 a barrel as investors locked in gains from a
blistering overnight run toward the $88 mark.

Ericsson shares shed 25% on profit warning as margins erode

LONDON
Shares in Ericsson AB lost more than a quarter of their value on Tuesday
after the world's largest maker of wireless networks warned its
third-quarter profit would fall well short of expectations due to lower
demand for mobile network upgrades in North America and Western Europe.