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Wall Street slides on financial worries

7/07/2008 - 21:19

NEW YORK (Reuters) - Stocks slid on Monday on concerns that the top two mortgage providers would have to raise even more capital, severely devaluing existing shareholders' stakes, while big energy companies fell along with oil prices.

The S&P 500 finished within 1 point of the level that would confirm it is in a bear market. The Dow and Nasdaq are already trading in confirmed bear markets.

The Dow Jones industrial average was down 56.58 points, or 0.50 percent, to end unofficially at 11,231.96. The Standard & Poor's 500 Index was down 10.59 points, or 0.84 percent, to finish unofficially at 1,252.31. The Nasdaq Composite Index was down 2.06 points, or 0.09 percent, to close unofficially at 2,243.32.

(Reporting by Kristina Cooke; Editing by Jan Paschal)

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