Stocks Take Another Drubbing

Stocks took a further hit after Illinois-based Sentinel Management Group asked regulators for permission to stop redemptions to money-market fund investors. The Commodity Futures Trading Commission said it was aware of the situation and would continue to monitor it.

Elsewhere in the financial space, Thornburg Mortgage (TMA Quote - Cramer on TMA - Stock Picks), which saw shares plunge 46% after it said it won't accept new rate lock requests for four days. Earlier, five brokerage firms downgraded the stock, saying the company may be forced to sell assets to meet margin calls.

Banks and other lenders continued to suffer as worries over the recent credit crisis failed to abate. The NYSE Financial Sector Index finished down 2.4%, the Nasdaq Financial 100 Index was off 2.1%, and the KBW Bank Index lost 2.1%.

On the New York Stock Exchange 4.58 billion shares changed hands, as decliners topping advancers by a 5-to-1 margin. Volume on the Nasdaq reached 2.70 billion shares, with losers outpacing winners nearly 3 to 1.

Treasuries turned higher, lowering yields. The 10-year note climbed 7/32 in price, yielding 4.73%, and the 30-year bond was up 5/32 to yield 4.99%. The dollar was holding steady against the world's major currencies.

Also on the economic front, the Commerce Department said that the U.S. trade deficit narrowed to $58.1 billion in June from a revised $59.2 billion the previous month.

« Previous Page

1 2 3 4

Next Page »