Wall Street Sinks Further Into Bear Market

BusinessWall Street Sinks Further Into Bear MarketWall Street Sinks Further Into Bear MarketThe Associated PressWall Street sank further into a bear market Friday on troubles at mortgage companies Fannie Mae and Freddie Mac and oil's continuing climb into record territory. (July 11)Wall Street sank further into a bear market Friday on troubles at mortgage companies Fannie Mae and Freddie Mac and oil's climb into record territory. Investors were unimpressed by Treasury Secretary Henry Paulson's statement that the government's focus is ensuring that Fannie Mae and Freddie Mac keep operating in their current form. This countered reports that the government was contemplating plans to take over one or both of the companies. The day's trading moved Wall Street squarely into a bear market, which is defined as a 20 percent drop from a recent peak. At its low Friday, the Dow was down 22.5 percent from the record closing high of 14,165 it reached in October. Oil, meanwhile, extended its move into record territory, rising as high as $147.27 amid tensions between the West and Iran and the potential for attacks on Nigerian oil facilities. ___ ___, The Associated Press.(****END****)

Author: AssociatedPress
Length: 00:59
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