Shares of government-sponsored mortgage companies Fannie Mae and Freddie Mac sank further Monday as they face concern that losses from mortgage defaults will be greater than expected.
Gas prices fell at the pump over the weekend, following the path of crude oil, whose advance toward $100 has stalled. Motorists got some relief as gas fell 1.4 cents over the weekend to a national average of $3.095 a gallon, according to AAA and the Oil Price Information Service.
Lowe's Cos., the No. 2 U.S. home improvement chain, said Monday that its third-quarter profit fell 10.2 percent, citing a weak sales environment amid a continuing slump in the housing sector.
Treasurys rose slightly Monday as investors once more turned to the safety of government-backed bonds amid to worries that the capital markets will suffer a new bout of serious mortgage-related problems.
