US stocks drop
Sunday, 30 September 2007
NEW York, Sept 29 (Bloomberg): US stocks dropped, paring the biggest September advance since 1998, on concern that credit- market losses may worsen after a private group said more Americans are missing mortgage payments.
Wells Fargo & Co., the second-largest US home lender, and Washington Mutual Inc., the country's biggest thrift, helped lead bank shares lower for the sixth time in seven days. UnitedHealth Group Inc. and Humana Inc. declined on expectations they may lose Medicare customers because prices in some areas are too high to be reimbursed by the government.
The Standard & Poor's 500 Index lost 4.63, or 0.3 per cent, to 1,526.75, its first decline in three days. The Dow Jones Industrial Average fell 17.31, or 0.1 per cent, to 13,895.63. The Nasdaq Composite Index slid 8.09, or 0.3 per cent, to 2,701.5.
``The problems in the credit markets are not a small matter,'' said Brian Barish, who helps oversee about $10 billion at Cambiar Investors LLC in Denver. ``They're pretty significant and are going to slow the economy.''
Wells Fargo & Co., the second-largest US home lender, and Washington Mutual Inc., the country's biggest thrift, helped lead bank shares lower for the sixth time in seven days. UnitedHealth Group Inc. and Humana Inc. declined on expectations they may lose Medicare customers because prices in some areas are too high to be reimbursed by the government.
The Standard & Poor's 500 Index lost 4.63, or 0.3 per cent, to 1,526.75, its first decline in three days. The Dow Jones Industrial Average fell 17.31, or 0.1 per cent, to 13,895.63. The Nasdaq Composite Index slid 8.09, or 0.3 per cent, to 2,701.5.
``The problems in the credit markets are not a small matter,'' said Brian Barish, who helps oversee about $10 billion at Cambiar Investors LLC in Denver. ``They're pretty significant and are going to slow the economy.''