Wall Street fell sharply Tuesday with the Dow Jones industrials lost nearly 150 points on renewed concerns about credit woes.
Early in the session, stocks rose following strong earnings from General Motors Corp. and Sun Microsystems Inc. and amid somewhat mixed economic data.
However, the markets pulled back after American Home Mortgage Investment Corp. said Tuesday afternoon it has missed margin calls from its lenders and hired advisers to consider strategic options including the liquidation of its assets.
Shares of American Home Mortgage Investment Corp. plunged 90 percent on concern the company may file for bankruptcy protection.
The Dow Jones average fell 146.32, or 1.10 percent, to 13,211. 99. The Standard & Poor's 500 index fell 18.64, or 1.26 percent, to 1,455.27, and the Nasdaq composite index fell 37.01, or 1.43 percent, to 2,546.27.
Source: Xinhua<
|
Comment
Tell A Friend
Print Format
Save Article