NEW YORK -
Wall Street has fallen again on a wave of worrisome news that revealed few industries are safe from the consumer spending slump.
The Dow Jones industrial average has closed down 176 points, or nearly 2 percent, at the 8,693 level, while broader stock indexes fell more than 2 percent.
The market managed to lift off its lows after a media report that quoted a BlackRock (nyse: BLK - news - people ) executive as saying a $30 billion Bear Stearns mortgage portfolio could be worth more than its market value suggests. Also, the government and the mortgage industry announced new actions to help homeowners renegotiate delinquent loans.
But the market finished lower, still nervous about companies like Starbucks Corp. (nasdaq: SBUX - news - people ) and Toll Brothers Inc. (nyse: TOL - news - people ) reporting dropping sales, and the nation's ailing automakers that are being slammed by falling sales.
Copyright 2008 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or redistributed
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