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The Dow is down nearly 200 points at the moment. From the MSNBC:
Wall Street fell sharply at Friday’s open after General Electric Co.’s quarterly report failed to motivate investors anxious about the financial industry and a new record oil price.
Financial companies with exposure to mortgage bonds continued to be under investor scrutiny. Fannie Mae and Freddie Mac have plunged in the past few sessions, and there is growing speculation on the Street that the government might have to step in to prevent a collapse. Their shares plunged again Friday.