Updated from 2:02 p.m. EDT
The sliding major indices and negative analyst research kicked financial stocks lower Wednesday as the market reeled from a 12.2% drop in the July pending-home sales index to 89.9, per the National Association of Realtors.
The NYSE Financial Sector Index pulled down 172.76 points, or 1.9%, to around 8,942.84, pressured by the housing data and a number of suffering mortgage concerns. Lender IndyMac Bancorp (IMB) fell 9.8%. Mortgage investors Impac Mortgage (IMH) and Luminent Mortgage Capital (LUM) fell 11.8% and 16.7%, respectively. Subprime lender NovaStar Financial (NFI) fell 13%.
Also pressuring the NYSE index were
(MS - Get Report), which lost 3.7% and 2.1%, respectively, after both