US mkts slide on financial worries

CNBC's Margaret Brennan - Continued worry about the financial stocks sent the markets lower today despite the safety set up over the weekend for mortgage lenders Fannie Mae and Freddie Mac. Investors were still concerned that banks are going to announce more sizeable write-downs of debt as they report earnings this week. It was financial stocks that led the Dow down 45 points on Monday, the Nasdaq closed lower by 26.

National City Corp shares were halted in midday trading closing 15% lower on the day; Fannie Mae closed 5% lower, Freddie Mac down more than 8%.

If it’s not financial stocks its oil these days and the big headline when it comes to oil today is that President Bush lifted the executive ban on offshore oil drilling saying that Congress now needs to take action. Congress has a standing ban on offshore drilling expires on September 30 but it could be renewed. The price of oil settled at just over USD 145/bbl on Monday, shares of Exxon Mobil, BP closed fractionally lower.

Wall Street action                 

Continued worry about the financial stocks sends the markets lower despite the safety set up for the mortgage lenders Finnie May and Freddie Mac.
Banks are facing more sizable write downs of debt due to poor earnings this week.
Dow down by 45 points and the Nasdaq closed 26 points lower.
Finnie May close 5% lower, Freddie Mac close down by more than 8%
President Bush lifted the executive ban on the offshore oil drilling
The price of oil adjusts over $145 bbl.