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Dow Sinks 226 on Dissappointing Earnings Reports, Concerns About the Mortgage Market.
Wall Street pulled back sharply Tuesday as investors dealt with
disappointing earnings reports and rising concerns about the
mortgage market. The Dow Jones industrials fell more than 200
points.
Tuesday's retreat was not surprising, given that the market's
recent move into record territory above 14,000 came before
companies began reporting quarterly results in earnest. Many
investors bet that results would be better than has been the case.
A profit warning from mortgage lender Countrywide Financial Corp. Tuesday also reminded
investors that troubles in the subprime market persist. |
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