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Tuesday, July 24

Dow tanks 226 -- Halliburton's profit doubles -- Drug Companies fare well also

Credit Worries Wallop Stocks:

Stocks slid hard Tuesday as new worries about the credit arena and a profit shortfall at DuPont

.....Weighing further on the market were renewed concerns about debt, which have popped up several times in recent months. After the previous close, American Express topped analysts' profit estimates, but the financial services giant said it had to increase its loan-loss reserve because of a higher rate of delinquencies.

.....lender Countrywide missed by a wide margin, citing increased credit-related costs, and lowered its 2007 guidance, saying the second half will be challenging.

"There's fear entering certain parts of the market, and we're seeing a risk adjustment taking place," said Paul Mendelsohn, chief investment strategist with Windham Financial. "This shift could be foreshadowing something bigger, as everyone could run for the door at the same time. Once markets start picking up momentum, they tend to keep moving because everyone's on the same side."

Virtually every sector finished with losses. Among the worst decliners, the Amex Oil Index dropped 3.5%, the Philadelphia Utility Index slumped 3.5%, the Nasdaq Financial Index fell 3%, and the KBW Bank Index lost 3%.

Apple, which will post earnings late Wednesday, contributed to the tech sector's slide amid speculation the iPhone maker will miss sales targets for the new gadget. Shares tumbled 6.1% to $134.89.

Trading curbs were put into effect on the New York Stock Exchange for the first time since March 13, when subprime fears surrounding New Century and Accredited Home Lenders first became a force and sank the major averages"

(Lots more stock info on the link)

Halliburton's profit doubles

End of story......

(I'm outta gas)

Crossposted atBigBrassBlog

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