Dow plunges 387 points

Subprime worries continue to rear their ugly heads. This time BNP Paribas was the bearer of bad news. They suspended trading in three of its funds that traded heavily in subprime mortgages. BNP did so because, "the complete evaporation of liquidity in certain market segments of the U.S. securitisation market has made it impossible to value certain assets fairly regardless of their quality or credit rating. " It added, "in order to protect the interests and ensure the equal treatment of our investors, during these exceptional times, BNP Paribas Investment Partners has decided to temporarily suspend the calculation of the net asset value as well as subscriptions/redemptions, in strict compliance with regulations, for these funds."