Shares of Washington Mutual sank 12. 5 percent Friday, hitting their lowest level in more than 13 years, as concerns about the mortgage...
Shares of Washington Mutual sank 12.5 percent Friday, hitting their lowest level in more than 13 years, as concerns about the mortgage crisis reignited.
The struggling Seattle-based lender fell for the eighth straight day, finishing at $7.53, down $1.08. It was the stock’s lowest point since Jan. 10, 1995, after adjusting for splits. At one point late in the trading day, WaMu shares hit $7.12.
The drop deprived WaMu of the title of most valuable U.S. thrift. WaMu’s market capitalization fell below $8 billion, compared with $8.8 billion for New Jersey-based Hudson City Bancorp.
Still, WaMu was only the third-worst performing Washington stock Friday. The biggest decliner was Seattle-based Trubion Pharmaceuticals, down 13.5 percent.
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A larger-than-expected jump in the jobless rate and another spike in oil prices sparked widespread selling in the U.S. stock market. Out of 152 Northwest stocks, 118 fell Friday.
WaMu shares are down 44.7 percent so far in 2008, and 82.6 percent over the past 12 months.