The Standard & Poor's 500 Index declined on Wednesday, as the broader market fell sharply on renewed concerns about the health of the financial sector. Shares of Freddie Mac and Fannie Mae recorded the largest declines on the index amid continuing concerns the government sponsored mortgage finance companies might have to sell more shares to raise funds to cover losses related to the housing market turmoil.
Shares of Freddie Mac lost $3.20, or 23.8 percent, to $10.26, and set a near 16-year low of $9.89. Fannie Mae slid $2.31, or 13.1 percent, to $15.31.
Shares of MBIA Inc. declined 61 cents, or 12.8 percent, to $4.15.
The index declined 29.01 points, or 2.3 percent, to 1,244.69.
On the rising side, shares of QLogic Corp. gained $1.19, or 8.5 percent, to $15.15 after raising its fiscal first-quarter outlook.
Shares of U.S. Steel advanced $7.62, or 5.1 percent, to $158.17 following a price target increase to $240 from $220 by Deutsche Bank.
Schering-Plough Corp. rose 93 cents, or 4.5 percent, to $21.79.
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