Global Selloff Resumes on Wall Street
The global selloff resumed on Wall Street today, after heavy
overnight selling in Asia and Europe. Stocks plunged yesterday, at
one point falling the most since September 17, 2001, as investor
concerns about the housing and credit markets continued to
surface.
Chevron
(
CVX |
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PowerRating) reported a 24% jump in Q2 profits, net
income rose 20% at Clear Channel Communications
(
CCU |
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PowerRating),
and 26% at Medco Health Solutions
(
MHS |
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PowerRating).
In economic news, the Commerce Department reported second quarter
GDP grew at an annualized rate of 3.4% (full
story).
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