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There were new reasons to remain worried about the housing sector. Sales of previously owned homes tumbled to a 10-year low in June. And the national median home price sank to just over $215,000, according to an industry trade group. The somber news comes as lawmakers move closer to approving a rescue plan. The housing data serve as reminders, says Fred Dickson, chief market strategist, at D.A. Davdson. SPEAKER: Fred Dickson, chief market strategist, at D.A. Davdson (English) saying: "It just pointed to the fact that housing is still a problem. A lot of banks still have a lot of mortgages on their books. And Wall Street, which had gotten giddy about the financials, really had to wake up and say this isn't a problem that's going to go away in a week or two or a month or two." The picture also was not bright on the jobs front. Weekly jobless claims jumped more than expected to a roughly four-month high. Economists say the numbers show that jobs are hard to come by. Those two reports stoked economic worries, which dominated the trading floors. Blue chips had their biggest one-day fall in a month: losing 283 points. The S&P 500 was down 29 and the Nasdaq fell 45. Ford posted a larger-than-expected quarterly loss of $8.7 billion. In response to changing consumer tastes, Ford is shifting even greater attention away from trucks and SUVs to smaller fuel efficient cars. Shares of Ford tumbled over 15 percent. Oil prices had their first rebound in three-days, bouncing off a fresh seven-week low hit earlier in the session. Crude closed above $125 a barrel. Meantime, selling pressure was also strong in Europe. The German Dax, the Paris CAC-40 and the London FTSE all tumbled well over one percent. Conway Gittens, Reuters