Wall Street Had Bad Week Ending June 27, 2008
Bad Week For Wall Sreet
NEW YORK - Wall Street ended a depressing week with another big loss on Friday, with the Dow Jones industrials falling more than 100 points amid ever-escalating worries about high oil prices and fallout from the credit crisis. The major indexes are all down more than 3 percent for the week.
The Dow has fallen nearly 460 points in the last two sessions and reached its lowest point since September 2006.
Dow off 107; crude finishes above $140Traders worry about heavy selling when the quarter and month end on Monday. The Dow's close is down nearly 20% from its October high, the definition of a bear market. Financial stocks weaken again. Energy stocks move higher.
Investors again contended Friday with a seemingly relentless stream of troubling news about the financial sector. Moody's Investors Service said it is reviewing investment bank Morgan Stanley for a possible downgrade. There were also more reports that Merrill Lynch & Co. might have to write off nearly $6 billion of risky mortgage-backed debt.
http://news.yahoo.com/s/ap/20080627/ap_on_bi_st_ma_re/wall_street;_ylt=As_jeaTROElRf6NuD3DnBbCs0NUE
http://moneycentral.msn.com/home.asp
NEW YORK - Wall Street ended a depressing week with another big loss on Friday, with the Dow Jones industrials falling more than 100 points amid ever-escalating worries about high oil prices and fallout from the credit crisis. The major indexes are all down more than 3 percent for the week.
The Dow has fallen nearly 460 points in the last two sessions and reached its lowest point since September 2006.
Dow off 107; crude finishes above $140Traders worry about heavy selling when the quarter and month end on Monday. The Dow's close is down nearly 20% from its October high, the definition of a bear market. Financial stocks weaken again. Energy stocks move higher.
Investors again contended Friday with a seemingly relentless stream of troubling news about the financial sector. Moody's Investors Service said it is reviewing investment bank Morgan Stanley for a possible downgrade. There were also more reports that Merrill Lynch & Co. might have to write off nearly $6 billion of risky mortgage-backed debt.
http://news.yahoo.com/s/ap/20080627/ap_on_bi_st_ma_re/wall_street;_ylt=As_jeaTROElRf6NuD3DnBbCs0NUE
http://moneycentral.msn.com/home.asp
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