Financial Stocks Lead Decline on Wall Street
Stocks plunged again on Monday, with losses accelerating late in the day. The steady drip of negative news from financial firms exposed to the credit crunch has turned into stream, and may yet turn into something unstoppable.
HSBC Holdings
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PowerRating) bailed out two SIVs by moving them onto its balance sheet, taking on $45 billion of assets.
The Wall Street Journal reported that Citigroup
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PowerRating) is under pressure to do the same regarding $41 billion in off-balance sheet securities.
Financial stocks remain under pressure as investors struggle to grasp the full impact of the credit crunch. Meanwhile, technology stocks are in favor again today, with a number of big names moving higher.
Affiliated Computer Services
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PowerRating) board approved a $1 billion share buyback program (read more).
Yields on 10-year treasuries fell to the lowest level since March 2004, as investors sought safety from the unraveling stock and credit markets.
The U.S. dollar fell to a 2-year low versus the yen, gold and silver rose.
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