Stocks Fall Second Straight Day

Wells Fargo, JC Penney are chief bearers of bad news
By Sam Gale Rosen,  Newser Staff
Posted Nov 15, 2007 3:46 PM CST
Stocks Fall Second Straight Day
Mall patrons walk toward an entrance to a J.C. Penney department store in Dallas in this Feb. 16, 2007 file photo. J.C. Penney Co. on Thursday, Nov. 15 said its third-quarter profit fell 9 percent, hurt by weak sales in September and October, and the department store operator slashed its fourth-quarter...   (Associated Press)

Stocks were down for a second consecutive session today on bad tidings from Wells Fargo, JC Penney, and Exxon Mobil. Mortgage giant Wells called the housing market the worst since the Depression; Exxon fell after a surprise decrease in oil prices. The Dow was down 120.96 to 13,110.05, the Nasdaq 25.81 to 2,618.51, and the S&P off 19.43 to 1,451.15.

Meanwhile, JC Penney cut its earning forecasts after reporting worse-than-expected profits. Worries that loan giant Fannie Mae might have covered up some losses in its latest earnings report pushed its stock down 10% and "just killed the market,'' an analyst told Bloomberg. "It doesn't seem like anyone can get their arms around just how big the subprime mess is.'' (More stock market stories.)

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