The U.S. stock market fell again Wednesday, with the Dow Jones ending the day at a four-month low, despite moderate economic reports and another cash injection by the U.S. Federal Reserve. The Dow Jones industrial average lost 167.45 points, or 1.29 percent, to end at 12,861.47 - or 8.4 percent below its record close. Wednesday marked the Dow's first close below 13,000 since April 24. The Standard & Poor's 500 Index fell 19.84 points, or 1.39 percent, to finish at 1,406.70. The S&P is now 9.43 percent below its record high close and down 0.82 percent for the year. The Nasdaq Composite Index dropped 40.29 points, or 1.61 percent, to close at 2,458.83. A number of financial reports, including a moderate rise in the July consumer price index and industrial production, failed to encourage the markets. The Federal Reserve's $7 billion addition of temporary reserves to the banking system failed to help either. Instead, the S&P saw its year's gains wiped out when shares in Countrywide Financial plunged on a brokerage downgrade and rumors it was having trouble raising money. The company had its biggest one-day percentage drop since 1987 and ranked among the biggest losers on the New York Stock Exchange composite, which closed down 165.23 points at 9,089.04. The American Exchange composite closed down 39.42 to 2,153.69. The Russell 2000 was down 11.33 to 751.54. The price of a barrel of light, sweet crude oil for September delivery rose 0.95 to close at $73.33.
