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Closing Bell: 07.26.07

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We told you today would be down.
After yesterday's rebound, stock plunged today in the most violent expression of recent market volatility. All the usual suspects are blaming the biggest drop since mid-February's nose-dive, traders on tighter credit markets, word of a continuing housing slump, and the price of oil, which shot up past $73-a-barrell for the second time ever.
Ninety-seven percent of S&P 500 stocks fell in what may be may be the big drop on this week's rollercoaster. The S&P fell 35.42, or 2.33% to 1482.66. Twenty-nine of the stocks that make up the Dow Jones Industrial Average closed lower for the day. The Dow dropped 311.50, or 2.26% to 13473.57. The Nasdaq Composite Index fell 65.94, or 2.49% to 2582.23. We could see further decline before any substantial rebound, but many see today's dive as corrective after the effective explosion of the credit bubble.
The numbers at the close actually represent a sizable rebound for the indexes, which down even lower earlier in the day. At one point, the Dow was down 430 points.
Check for the earliest English speaking market news at FT Alphaville.