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NEW YORK (AP) — Wall Street is sharply lower after more news of weakness in the housing sector and executive shake-ups at two major banks.

The Commerce Department said construction spending fell in April because of the housing slump. That was offset somewhat by strength in other construction outlays.

Meanwhile, investors were reminded of the ongoing problems at financial companies due to the credit crisis. At Wachovia Corp. chief executive Ken Thompson was forced out and Washington Mutual Inc.’s CEO Kerry Killinger will be replaced as chairman.

Investors did get some good news. Although the Institute for Supply Management’s manufacturing index showed activity contracted in May for the fourth straight month, the reading was better than expected.

http://biz.yahoo.com/ap/080602/wall_street.html

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Technorati Tags: Bank Executive, Banks, Biz Yahoo, Ceo, Chief Executive, Commerce Department, Credit Crisis, Economic Data Bank, Housing Slump, Institute For Supply Management, Ken Thompson, Kerry Killinger, Outlays, stocks, Ups, Wachovia, Wachovia Corp, Wall Street, Washington Mutual, Washington Mutual Inc