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Stock Market Update - Thu Aug 23 11:30:01 EDT 2007

Thu Aug 23, 2007 11:30am EDT

[BRIEFING.COM] Stocks have taken a turn for the worse. Countrywide Financial (CFC 23.09 +1.27) CEO Angelo Mozilo recently saying in an interview on CNBC there is still a tremendous liquidity problem and that he thinks the housing slump will lead us into a recession has removed what little momentum the blue chips were trying to muster. The Dow has slipped into negative territory for the second time today.

Home Depot (HD 34.04 -0.73) was already the Dow's weakest link, amid concerns the pending $10.3 bln sale of its supply unit may not close today as planned; but the stock has been dealt another blow following Mozillo's "recession" mention. Home Depot's 2.1% decline accounts for all six points of the Dow's modest pullback. Home Improvement Retail (-2.1%) has been among the three worst performing S&P industry groups all morning.

NYSE Adv/Dec 1768/1378...Nasdaq Adv/Dec 1058/1728


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