The Dow finished the week down just over one percent after yesterdays drop of over 2 percent. Oil finished the week down five dollars a barrel to close at $123.26. The drop in the Dow was due to financial stocks after bad bank earnings and more housing problems triggered a major sell off yesterday. Fannie Mae and Freddie Mac each finished the week down 10% or more. After bad earnings after hours Wednesday Washington Mutual stock dropped big, finishing down 35% on the week. Despite this the financial sector was still up .74% this week after better than expected earnings from other financial stocks. Oil finished down about $5 this week to close at $123.26. Oil was down after Hurrican Dolly missed the oil rigs in the Gulf of Mexico. Also, record gas prices brought fears that demand for gas would be lower than expected. Fiscal Frenzy will be starting new Saturday articles on different market sectors beginning tomorrow.




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