U.S. stocks drop as crude topples previous highs

Date: Tue, 06 May 2008 12:02:50 -0400
U.S. stocks drop as crude topples previous highs

U.S. stocks fall sharply, extending losses into a second day, as oil
climbes above $122 a barrel and earnings from Fannie Mae, UBS and D.R.
Horton point to further trouble in financial and housing markets.

Futures Movers: Crude futures tap an all-time high of $122 as dollar
weakens

NEW YORK
Crude-oil futures trade near a record high of $120.93 a barrel hit
earlier in the session, as weakness in the U.S. dollar boosts energy
prices.

UBS to cut 5,500 jobs, sell $15 bln portfolio to BlackRock

Troubled Swiss banking group UBS said Tuesday that it plans to cut 5,500
jobs and sell a $15 billion chunk of its risky mortgage assets to
BlackRock Inc. as it reported a first-quarter loss broadly in line with
an earlier warning.

Credit expenses take toll on Fannie Mae earnings

Mortgage-finance giant Fannie Mae reports a much greater-than-expected
first-quarter loss of $2.2 billion, as credit-related expenses took a
bite out of its bottom line.