RobertB
January 11th, 2008, 03:05 PM
Stocks slammed by bad credit fears
By TIM PARADIS, AP Business Writer 22 minutes ago
NEW YORK - Wall Street plunged again Friday amid renewed fears that the financial sector's troubles with bad credit won't soon end and that some consumers are buckling under signs of a slowing economy. The Dow Jones industrials fell more than 240 points.
The arrival of earnings season has investors worried about how banks and brokerages have fared after suffering losses in the collapse of the subprime mortgage market. The nation's biggest financial institutions will report results next week, including Merrill Lynch & Co., Citigroup Inc. and JPMorgan Chase & Co.
Adding to investors' unease, Merrill Lynch might take a $15 billion hit from its exposure to soured subprime mortgage investments, according to The New York Times. The nation's largest brokerage is also said to be seeking another capital infusion to help shore up its balance sheet.
http://news.yahoo.com/s/ap/20080111/ap_on_bi_st_ma_re/wall_street;_ylt=A9G_RqZuy4dHenMA0Qis0NUE
By TIM PARADIS, AP Business Writer 22 minutes ago
NEW YORK - Wall Street plunged again Friday amid renewed fears that the financial sector's troubles with bad credit won't soon end and that some consumers are buckling under signs of a slowing economy. The Dow Jones industrials fell more than 240 points.
The arrival of earnings season has investors worried about how banks and brokerages have fared after suffering losses in the collapse of the subprime mortgage market. The nation's biggest financial institutions will report results next week, including Merrill Lynch & Co., Citigroup Inc. and JPMorgan Chase & Co.
Adding to investors' unease, Merrill Lynch might take a $15 billion hit from its exposure to soured subprime mortgage investments, according to The New York Times. The nation's largest brokerage is also said to be seeking another capital infusion to help shore up its balance sheet.
http://news.yahoo.com/s/ap/20080111/ap_on_bi_st_ma_re/wall_street;_ylt=A9G_RqZuy4dHenMA0Qis0NUE