Stocks Fall Sharply Amid Credit Concerns

AP
Monday November 5, 2007

Stocks fell sharply in early trading Monday as concerns about soured debt mounted after Citigroup Inc. warned it plans to book $8 billion to $11 billion in additional losses. The Dow Jones industrial average fell more than 100 points.

The scope of Citi's expected losses led to renewed concerns among investors worldwide over credit. The expected write-downs came on top of the $6.5 billion in asset markdowns and other credit-related losses the company recorded in the third quarter.

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The re-emergence of credit concerns — like those that roiled Wall Street this summer — comes as the market is also contending with concerns about the health of consumer spending and with rising expectations that the Federal Reserve is leaning away from cutting interest rates when it meets next month.

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