Dow Hits Intraday Record High
Stocks are sharply higher on Monday, with the Dow hitting a record intraday
high. The rise comes despite more negative news related to the deterioration of
the credit and housing market emerging from two of the world’s largest financial
institutions.
Citigroup
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PowerRating) warned the Q3 earnings will be about 60% the same
period last year, citing the credit market as the primary cause.
Earlier in the day, UBS
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PowerRating) warned it will report its first
quarterly loss in nine years, citing similar problems.
The U.S. dollar is rising against most major currencies (read
more).
Crude oil is falling, along with a number of other commodities, which are
also pulling back.
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