US stocks drop again amid fears about financials

2008-07-15 13:41:41 GMT       2008-07-15 21:41:41 (Beijing Time)       SINA.com

NEW YORK - Stocks are getting knocked lower again as investors grapple with escalating instability in the financial sector.

Wall Street is awaiting testimony from Federal Reserve Chairman Ben Bernanke, who is to appear before the Senate Banking Committee to offer his midyear report on the economy. Treasury Secretary Henry Paulson is set to appear as well.

The market's ever-increasing anxiety about the financial sector had investors discounting a relatively tame report on wholesale inflation.

In the first few minutes of trading, the Dow Jones industrial average is down about 99 points at the 10,953 level.

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