Fears of Fed Withdrawing Stimulus Spooks Investors

Federal Reserve Chairman Ben Bernanke’s words that the Fed will exit its support of the market likely by next year reverberated through the market today, sending investors heading for the exits and the Dow into a tailspin. CNNMoney reports the Dow Jones Industrial Average plummeted -353.87 points, -2.34 percent, to end the day at 14,758.32. The Nasdaq lost -2.28 percent, -78.56 points, to end the day at 3,364.64, while the S&P dropped -2.50 percent, -40.74 points, to finish the session today at 1,558.19. The Yahoo! Finance Manufactured Housing Composite fell -3.86 percent to close at 1087.5. All housing stocks we track closed down or even, with Patrick Industries, Inc. dropping the most of tracked stocks, -5.29 percent, -1.97 points, to close at 20.95. Affiliated Managers Group 161.47 -6.54 (-3.89%). Cavco Industries 48.15 -0.45 (-0.97%). Champion, Liberty Homes and Palm Harbor continued unchanged. Clayton Homes, Vanderbilt Mortgage and Finance, as well as MH home-building, lending and other housing suppliers parent company Berkshire Hathaway 167,340 -3,612.00 (-2.12%). Deer Valley remained unchanged at 0.65. Drew Industries, Inc. 39.98 -0.69 (-1.70%). Equity LifeStyle Properties, Inc. 74.66 -2.29 (-2.98%). Louisiana Pacific Industries 15.93 -0.52 (-3.16%). Nobility Homes remained unchanged at 7.10. Skyline Corp. 4.05 -0.03 (-0.74%). Sun Communities, Inc. 48.22 -1.59 (-3.14%). Third Avenue Value Fund (June 19) 53.99 -0.56 (-1.03%). UMH Properties, Inc. 10.13 -0.09 (-0.88%). Universal Forest Products, Inc. 42.36 -0.80 (-1.86%).

(Graphic credit: CNNMoney and RealTick)

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