Stocks Decline Ahead of Fed Meeting
U.S. stocks closed lower on Monday, ahead of the Fed’s meeting
on interest rates. Stocks also declined in Europe but were mixed
in Asia. Banking stocks tumbled in Europe after investors withdrew
$4 billion from troubled U.K. lender Northern Rock. The run on the
bank led the government to take unprecedented step of guaranteeing
all deposits. Nonetheless, Northern Rock shares lost more than 30%
of their value, dragging other banking stocks with them.
A European Union court rejected Microsoft’s
(
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PowerRating)
appeal against an earlier EU antitrust order, upholding the $613
million fine (full
story).
ABN Amro
(
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PowerRating) chose not to recommend either
Barclays or RBS takeover bids (full
story).
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