Stocks Fall Sharply on Wachovia Warning

[Jasman0717 9]

NEW YORK (AP) — Wall Street extended its slide in early trading Friday after Wachovia Corp. warned it will take quarterly loan losses, raising investor concern the credit slump shows no sign of abating.

The nation's fourth-largest bank said in a filing with the Securities and Exchange Commission that credit market volatility could cause a $1.1 billion writedown for October alone. The problem stems from its asset-backed securities, such as collateralized debt obligations, that have lost value on sinking investor demand. Investors also were rattled by speculation that Barclays PLC was about to announce a $10 billion writedown. Though the British bank denied the rumors, it demonstrated that Wall Street continues to worry that the summer's credit turmoil shows no signs of abating, and has a broader impact globally.

Further worries about the continuing credit market slump kept investors on edge a day after Federal Reserve Chairman Ben Bernanke said he expect the economy to "slow noticeably" this quarter. His comments added to the week's declines — contributing to a slide this week on concerns about continuing credit woes, a weakening dollar and rising oil prices.

He also said the greenback's problems "may have some effect on import prices" — which was confirmed Friday in new government data. The Commerce Department reported U.S. import prices soared last month at their fastest pace since early last year while export prices jumped at more than a decade high.

The preliminary Reuters/University of Michigan monthly index of consumer sentiment will be released Friday at 10 a.m. EST. Economists expect consumer sentiment will inch downward amid persistent worries about the housing recession and high energy prices. The Dow Jones industrials fell 141.04, or 1.06 percent, to 13,125.25 in the first hour of trading.

The Standard & Poor's 500 index was off 19.98, or 1.35 percent, at 1,454.79, while the Nasdaq composite index tumbled 55.73, or 2.07 percent, to 2,640.27.

This has not been a good week for my investments

[Jasman0717 9]

This week has been hell on my investments

[Trompe le Monde 1,107]

I sold mine and bought gold.

I feel a cold chill in the air!

[w¡n9Nµ7 §£@¥€r 123]

I just put more money into my brokerage account. I plan to buy all the way down. Slowly.

[almaty 19]

This week has been hell on my investments

i hear you..i could have paid for a look alike angela jollie for the week-end with the $$$ i lost

[Ban Hammer 13,343]

This week has been hell on my investments

i hear you..i could have paid for a look alike angela jollie for the week-end with the $$$ i lost

but would it have the right plumbing?

[almaty 19]

This week has been hell on my investments

i hear you..i could have paid for a look alike angela jollie for the week-end with the $$$ i lost

but would it have the right plumbing?

gosh, i hope so....i don't need to be blackmailed again

[Jasman0717 9]

I just put more money into my brokerage account. I plan to buy all the way down. Slowly.

I am in a 457 at work so put a considerable amount in as pre-tax and also plan to buy all the way down I will have a lot more shares when it goes back up again