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 Quote) fell 9.8%. Mortgage investors Impac Mortgage (IMH Quote) and Luminent Mortgage Capital (LUM Quote) fell 11.8% and 16.7%, respectively. Subprime lender NovaStar Financial (NFI Quote) fell 13%.
Also pressuring the NYSE index were Lehman Brothers (LEH Quote) and Morgan Stanley (MS Quote), which lost 3.7% and 2.1%, respectively, after both had their third-quarter earnings estimates cut at Citigroup. ...
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