U.S. stocks dropped, led by financial shares, after pending home sales declined more than economists forecast and concern increased that credit for banks will dry up.
The Standard & Poor's 500 Index slipped 0.47 to 1,415.71 as of 11:43 a.m. in New York, erasing a 14-point advance after Countrywide Financial Corp. plunged the most since 1987. The Dow Jones Industrial Average fell 22.76, or 0.2 percent, to 12,804.73. The Nasdaq Composite Index lost 1.1 to 2,498.36.
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Tuesday, January 8, 2008
U.S. Stocks Fall on Bank Finance Concern; Countrywide Plunges
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