US stocks tumble
Wall Street tumbled today, led by financial services stocks, on concerns that the US economy’s expansion will erode amid troubles in the mortgage industry.
The stock market’s decline follows a week in which the Dow Jones industrial average made its biggest weekly point gain in more than four years, rising nearly 391 points, or 3.01%. But that advance proved short-lived after a pair of Federal Reserve officials today expressed worry about the subprime mortgage crisis and its impact on banks and brokerages.
