U.S. Stocks Bear Market Deepens With Sixth Straight Weekly Drop

July 12 (Bloomberg) -- U.S. stocks fell for a sixth week, sending the Standard & Poor's 500 Index into a bear market, as fuel prices climbed to records and investors speculated Fannie Mae and Freddie Mac won't survive the mortgage crisis.

Fannie Mae and Freddie Mac, the government-chartered companies that are the largest source of financing for U.S. home mortgages, tumbled to 17-year lows. They led the S&P 500 to a 20 percent drop from its Oct. 9 record, marking a bear market for the benchmark equity gauge. The Dow Jones Industrial Average entered a bear market a week earlier.

Source: Bloomberg


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