Financial Stocks Plunge on Liquidity Concerns
Stocks endured a third straight day of heavy selling, as investors dumped financial stocks with renewed vigor. Oil surged above $108 per barrel, another record high, and the dollar continued its downward spiral.
The Dow lost -153.54, the Nasdaq Composite -43.15, and the S&P 500 -20.00.
Bear Stearns
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PowerRating) plunged more than 11%, its largest fall since the ’87 crash, while Citigroup
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PowerRating) fell nearly 6%.
Bond insurers, MBIA
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PowerRating) and Ambac Financial
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PowerRating) lost 10% and 23% respectively.
Lehman Brothers
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PowerRating) announced plans to layoff 5% of its workforce. LEH shares fell more than 7%.
Blackstone Group
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PowerRating) reported an 89% decline in Q4 profit, but its shares rose nearly 3%.
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