Stocks Down In Early Trading
Stocks opened moderately lower Monday as further cracks appeared in the subprime lending sector, stirring concerns that a blowup among companies making loans to consumers with poor credit will spill over to other sectors.
A warning from New Century Financial Corp. early Monday about its financial woes overshadowed merger news, which often gives a boost to enthusiasm on Wall Street.
The renewed concerns about subprime lenders follow a relatively successful week on Wall Street. Stocks etched out gains last week U.S. and overseas markets managed to regain some sense of stability following a sharp pullback that began Feb. 27. Even amid the gains seen last week, however, concerns about subprime lenders weighed on investors.
In the opening minutes of trading, the Dow Jones industrial average fell 5.28, or 0.04 percent, to 12,271.04.
Broader stock indicators also fell. The Standard & Poor's 500 index fell 1.19, or 0.08 percent, to 1,401.66, and the Nasdaq composite index 0.95, or 0.04 percent, to 2,386.60.
A warning from New Century Financial Corp. early Monday about its financial woes overshadowed merger news, which often gives a boost to enthusiasm on Wall Street.
The renewed concerns about subprime lenders follow a relatively successful week on Wall Street. Stocks etched out gains last week U.S. and overseas markets managed to regain some sense of stability following a sharp pullback that began Feb. 27. Even amid the gains seen last week, however, concerns about subprime lenders weighed on investors.
In the opening minutes of trading, the Dow Jones industrial average fell 5.28, or 0.04 percent, to 12,271.04.
Broader stock indicators also fell. The Standard & Poor's 500 index fell 1.19, or 0.08 percent, to 1,401.66, and the Nasdaq composite index 0.95, or 0.04 percent, to 2,386.60.
Labels: Dow Jones, Hot Stocks, Nasdaq, NEW
posted by Stock Administrator @ 9:46 AM
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