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WHAT A TURKEY!

By
Paul Tharp
Published Nov. 22, 2007, 10:00 a.m. ET

Wall Street got beaten up once again by its three worst enemies – rising oil, the weak greenback and a collapsed housing industry.

Stocks and the dollar nose-dived yesterday amid more gloomy revelations about a worse-than-expected junk mortgage crisis.

Oil jumped to within pennies of breaking the $100-a-barrel milestone, while the greenback sank to its lowest level ever against the euro.

Retail stocks took a huge hit over new worries of a slowing holiday shopping season, while financial shares tumbled in the face of much deeper housing losses.

Banks and other financial institutions around the world are gripped by a credit crisis, with write-downs of assets linked to U.S. junk mortgages likely to soar past $300 billion in coming months, said a report by the Organization for Economic Co-operation and Development.

The contamination from junk mortgages has alarmed Europe so much that its regulators yesterday ordered Europe’s banks to suspend trading in the $2.8 trillion market for certain mortgage bonds.

Meanwhile, Treasury Secretary Hank Paulson called for mortgage lenders to make a blanket forgiveness of defaulted mortgages, which he said will grow in 2008, and put the shaky mortgages back on track at possibly lower monthly payments.

All this news precipitated the huge sell-off of shares. The Dow Jones average fell 211.10, or 1.62 percent, to 12,799.04, its lowest level in nearly six months. The S&P 500 Index fell into negative territory for the year, dropping 22.93, or 1.59 percent. The Nasdaq lost 34.66, or 1.33 percent, to 2,562.15.

Crude hit a record intraday high of $99.29 before settling at $97.29, off 74 cents. Rising oil costs could force more than three-quarters of Americans to tighten budgets by cutting fuel use or by slashing spending elsewhere, according to a Reuters/Zogby poll.

Investors fled to the safety of U.S. Treasury bonds, pushing the yield of the benchmark 10-year note just above 4 percent.

The dollar hit a record low against the euro at $1.478 and fell to its lowest level against the yen. [email protected]