The BizTimes Stock Index recovered .57 points to close at 170.35 Wednesday, but local stocks sank with the broader market in early morning trading today. The largest local decliners this morning were Modine Manufacturing Co. (down $2.96 to $17.34) and Badger Meter Inc. (down $1.53 to $39.56). Only a handful of local stocks posted small gains this morning, led by Gehl Co. (up 17 cents to $17.11) and Wisconsin Energy Corp. (up 17 cents to $49.30). The stock market sank with the news that the level of commercial/multifamily mortgage debt outstanding grew by 2.8 percent in the third quarter, surpassing a record $3.2 trillion, according to the Mortgage Bankers Association (MBA) analysis of the Federal Reserve Board Flow of Funds data. The $3.22 trillion in commercial/multifamily mortgage debt outstanding recorded by the Federal Reserve was an increase of $87.7 billion from the second quarter 2007. The BizTimes Stock Index was created by Small Business Times and is monitored by North Shore Bank. The index, which measures the stock values of publicly held companies based in southeastern Wisconsin, is updated daily and can be viewed at www.biztimes.com.
Local stocks tumble as mortgage debts climb
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