Dow Drops, Stocks Stumble, Investors Scatter

CNNMoney says each of the three indexes dropped over 1.5 percent today as lending costs spiked in Spain and Italy, sending a shock wave of fear over investors as they scrambled for the doors. “People are starting to get very concerned about the macro picture of both sovereign debt and China’s slowing growth,” said Sam Ginzburg, head of trading at First NY. “We’re starting to get very worried about going back to a recession.” The Dow Jones Industrial Average fell 213.66 points, -1.65 percent, to close at 12,715.93. The Nasdaq dropped -55.86 points, -1.83 percent, to close at 2,991.92., while the S&P fell 23.61 points, -1.71 percent, to 1358.59. The Yahoo! Finance Manufactured Housing Composite dropped similarly, losing 1.79 percent to close at 1014.40. All the housing stocks we track closed under the bus, with Skyline Corp. falling the most, -9.52 percent, -0.65, to close at 6.18. Affiliated Managers Group 106.91 -3.71 (-3.35%). Cavco 43.93 -1.09 (-2.42%). Clayton Homes, Vanderbilt Mortgage and Finance, as well as MH home-building, lending and other housing suppliers parent company Berkshire Hathaway 118,195 -1505.00 (-1.26%). Champion, Liberty Homes, Deer Valley and Palm Harbor all remained unchanged. Drew Industries 26.00 -0.88 (-3.27%). Equity Lifestyle Properties 66.31 -1.68 (-2.34%). Louisiana Pacific Corp. 8.13 -0.68 (-7.72%). Nobility Homes remained unchanged for the second consecutive day at 7.02. Patrick Industries 8.59 -0.51 (-5.60%). Sun Communities 41.13 -1.17 (-2.77%). Third Avenue Value Fund (4-9) 44.72 -0.61 (-1.35%). UMH Properties 11.27 -0.17 (-1.49%). Universal Forest Product 31.52 -1.00 (-3.15%).

(Graphic credit: CNNMoney and RealTick)

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