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Dow drops below 11,000 for 1st time in 2 years

(Agencies)
Updated: 2008-07-12 00:15

NEW YORK -- Stocks tumbled Friday as investors focused on troubles at mortgage companies Fannie Mae and Freddie Mac and watched oil prices climb further into record territory. The Dow Jones industrials fell more than 200 points and slid below the 11,000 mark for the first time in two years.

The headquarters of mortgage lender Fannie Mae is shown in Washington in this file photo from October 3, 2006. The US government is considering taking over Fannie Mae and Freddie Mac if their funding problems worsen, the New York Times reported on July 11, 2008, causing shares of the mortgage finance companies to plunge. [Agencies]

Investors seemed unimpressed by a statement from Treasury Secretary Henry Paulson, who said the government's focus is ensuring that Fannie Mae and Freddie Mac remain as presently constituted to carry out their mission.

The government-chartered companies at times each lost more than 40 percent on growing speculation that a government bailout is needed. A collapse of the two financiers would cause further shock to the financial system, and trigger more losses to banks and brokerages with significant holdings of mortgage-backed securities.

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