MarketWatch: Stocks fall hard as financial worries take over

[marmar]

Stocks fall hard as financial worries take over
Home builders among shares getting slammed
By Kate Gibson, MarketWatch



NEW YORK (MarketWatch) -- Stocks finished sharply down on Monday as worries about the economy and the troubled financial system overtook any cheer over a rescue plan for mortgage giants Fannie Mae and Freddie Mac nearing enactment.

"I would refer to today as a death by a thousand cuts," said Peter Boockvar, equity strategist at Miller Tabak.

"It's not an event in particular but more of a reflection of concerns everywhere, especially in financials. It's all the concerns the market has had about the economy that is impacting stocks."

The Dow Jones Industrial Average declined 239.61 points, or 2.1%, to 11,131.08, with all but one of its 30 components trading lower.

Financial stocks were among the blue chips hit the hardest, with American International Group Inc. down the most, off 12%.

Also lower was Dow component Verizon Communications Inc., shares of which fell 2.5%. The telecom carrier said second-quarter profit climbed 12%, but revenue came up short of expectations. ............(more)

The complete piece is at: http://www.marketwatch.com/News/Story/Story.aspx?column=Market+Snapshot

[Ezlivin]

1. Don't fret - Bernake wlll "jawbone" it back up

"The markets are improving blah, blah, blah."

And, bingo, up go the stocks.

[Hydra]

2. Bailouts, bailouts, bailouts

And still the market sinks like a rock.

So we get more debt, and things aren't improving. Color me surprised.