Fannie Mae, and Freddie Mac are kicking the market when it is down. Fortunately Big Brother Ben stepped in, gave them both a life saving IV (opened the lending window) before they entered the suicide list.
The dow took it the hardest as it dipped down below 11,000 for the first time in two years which traded down more than 250 points in the session, briefly moved into positive territory in the afternoon before ending down more than 125 points. Now that it has been tested, next week we will probably thrash it.
The Dow is down 21.6% from the record closing high of 14,164.53 it reached in October. The S&P 500 is down 20.8 % and the Nasdaq is off 21.7 %.
The fiery convergence of the Housing crisis, subprime crisis, capital availability, lending requirements got another dose of gasoline, literally as oil, continued its ascent, rising to a trading record of $147.27 amid tensions between the West and Iran. Light, sweet crude for August delivery settled up $3.43 at $145.08, slightly below a record close of $145.29 a barrel set more than a week earlier.
Have a great weekend.
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