WALL STREET P.M. 06.15.09:U.S. STOCKS FALL SHARPLY

DJIA: -187.13 CLOSE 8,612.13
S&P 500 -22.49 CLOSE 923.72
NASDAQ -42.42 CLOSE 1,816.38

MARKET DOWN ON LATEST DATA
ON HOUSING, MANUFACTURING

ASSOCIATED PRESS: Harry Rady, chief executive of Rady Asset Management, said stocks have risen too fast given how troubled the economy remains. "The market just seems to keep driving the car into the wall and then wonders why it can't keep driving," Rady said. . . READ MORE

RECESSION CONCERN RETURNS
CNN/MONEY: Stocks slumped on worries that the recession may not be waning as soon as some had hoped. . . . Kim Caughey, senior equity analyst at Fort Pitt Capital Group, said comments coming out of the Group of Eight finance ministers' meeting last weekend were exacerbating worries about the health of the global economy . . . READ MORE

EUROPEAN ECONOMIST: WORST
OF RECESSION ISN'T OVER YET
SYDNEY MORNING HERALD: "I don't think the worst is behind us . . . We've not seen everything yet," Erik Berglof, chief economist at the European Bank for Reconstruction and Development, said on Monday at the annual Forbes CEO forum in Gleneagles, Scotland . . . EU Competition Commissioner Neelie Kroes said the savage credit crunch will continue to strangle the world's leading economies: "There's still not the trust in the banking world," Kroes told the Forbes business gathering . . . READ MORE

FED OFFICIAL: CAN'T OFFSET
'FLOOD' OF U.S. BORROWING
BLOOMBERG: The Federal Reserve isn't capable of offsetting the "flood" of U.S. Treasury borrowing with its bond-purchase program, Dallas district-bank President Richard Fisher said. . . . The Fed's efforts to stimulate the economy are complicated by rising Treasury yields, which push up the cost of mortgages even after policy makers have lowered short-term interest rates near zero. . . . READ MORE

RATES DOWN ON 6-MO. T-BILLS
ASSOCIATED PRESS: Interest rates on six-month Treasury bills have fallen to the lowest level this year, but economists are more worried about recent rise in long-term rates because it could threaten a rebound in the housing market. The Treasury Department on Monday auctioned $30 billion in six-month bills and $31 billion in three-month bills . . . READ MORE