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Credit-crunch concerns sends Dow plummeting
By ASSOCIATED PRESS
Published August 4, 2007
NEW YORK - Wall Street plunged anew Friday, hurtling the Dow Jones industrial average down more than 280 points after comments from a major investment bank exacerbated the market's fears of a widening credit crunch. The catalyst for a sharp skid was Bear Stearns Cos. chief financial officer Sam Molinaro, who described the turmoil in the credit market as the worst he'd seen in 22 years. Investors remain worried that problems in subprime mortgages - those made to borrowers with poor credit histories - will force lenders to make credit less available.
[Last modified August 4, 2007, 01:19:40]
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