Most of the selling last week was focused on shares of companies and securities that stand to face headwinds in a rising interest rate environment.

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There were also reports this week that the Bush administration is trying to convince mortgage lenders to provide some relief to borrowers who face rising interest rates under adjustable rate mortgages.

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Series EE bonds are sold at half the face value and earn an adjustable interest rate (recently 4.3%) that compounds semiannually.

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Another is that the Federal Reserve is slicing interest rates in the face of slowing economic growth, and rate cuts historically have favored larger stocks.

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Many still face legal repercussions from mortgages, mortgage securities, foreclosure practices and interest-rate-fixing probes.

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For instance, Apple offers customers up to 18 months interest-free on purchases on a card from Barclaycard US. But if you don't pay off that specific purchase in the interest-free period, you'll face a variable annual percentage rate that's currently about 23%, according to the Apple website.

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Simultaneously, equities might face the headwinds of higher interest rates and reduced consumer confidence resulting in an even slower rate of economic growth than what currently exists.

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