U.S. stocks sink; financial and home-builder shares battered

Date: Thu, 24 Jul 2008 17:04:41 -0400
U.S. stocks sink; financial and home-builder shares battered

U.S. stocks tumble sharply after two days of gains as data paint a
pessimistic portrait of the housing sector and employment, with the
embattled financial sector paving the way down.

As Microsoft online chief resigns, Ballmer touts unit's outlook

Steve Ballmer briefs Wall Street analysts about the health of the
company's Internet unit after the head of that unit resigns to become
CEO of Juniper Networks.

Auto insurers benefit as high gas prices make people drive less

Auto insurance, dominated by companies including Allstate and
Progressive, may be one of the few financial-services sectors to benefit
from surging gas prices, as drivers leave their cars parked.

Economic Report: Existing-home sales fall 2.6% to 10-year low

Resales of U.S. single-family homes and condos fall 2.6% in June to a
seasonally adjusted annual rate of 4.86 million, the lowest level in 10
years, the National Association of Realtors reports.

Ford swings to $8.7 billion loss as SUVs pile up

Ford Motor Co. reports a second-quarter loss of $8.7 billion, as the
automaker's SUVs and trucks, so crucial to the bottom line, pile up in
dealerships as consumers turn to smaller, more fuel-efficient cars.