NEW YORK - Wall Street extended its steep decline Friday, propelling the Dow Jones industrials down more than 500 points over two days after investors gave in to mounting concerns that borrowing costs would climb for both companies and homeowners. It was the Dow's worst week in nearly five years.
Investors cast aside a stronger-than-expected read on the economy and maintained negative sentiment that dominated Thursday when the market shuddered amid worries over the U.S. mortgage and corporate lending markets. Investors globally took flight from equities, shifting cash into safer investments in Treasurys.
Although the market has often rebounded after a steep drop - and has done so in recent weeks - investors appeared unable Friday to set aside their concerns about a weakening housing market and tightening credit.
According to preliminary calculations, the Dow fell 207.53, or 1.54 percent, to 13,266.04.
Broader stock indicators also fell. The Standard & Poor's 500 index fell 23.70, or 1.60 percent, to 1,458.96, and the Nasdaq composite index fell 37.10, or 1.43 percent, to 2,562.24.
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