Wall Street Reacts to Bad News

The markets are gyrating on more negative reports from the housing sector and some disappointing earnings announcements

It's been a topsy-turvy week so far for the markets. Countrywide Financial's (CFC) reduced earnings outlook added more fire to the concerns about the housing, mortgage, and credit markets, contributing to a 226-point drop in the Dow Jones industrial average on July 24. The next day, news that existing-home sales fell 3.8% in June (down 11.4% from a year ago) stole some thunder from the robust earnings and outlooks from Amazon.com (AMZN) and Boeing (BA).

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