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Jan. 8 (Bloomberg) -- Countrywide Financial Corp. dropped the most since Black Monday in October 1987 in New York trading on speculation that it needs cash to continue operating its mortgage business.
``There's some sort of rumor that they would go under, but it's purely a rumor,'' said Thomas Garcia, head of trading at Thornburg Investment Management, which oversees about
The Dow Jones Industrial Average and S&P 500 moved back into "correction" territory, having fallen more than 10% from their recent highs for the second time in recent months.