Stocks Decline, Merrill Lynch Worries Investors
The Dow and S&P 500 are lower on Friday, adding to yesterday’s steep decline. Markets in Asia fell overnight, and the selling continued during the European session, as credit concerns rippled across the world’s financial system.
Financial stocks are bearing the brunt of the selling, with many large investment banks under pressure amid speculation they will have to take more writedowns (full story).
Merrill Lynch
(
MER |
Quote |
Chart |
News |
PowerRating) shares a taking a hit, currently down nearly 9%, with the company all over the news today.
The Wall Street Journal reported "Merrill engaged in deals with hedge funds that may have been designed to delay recognition of losses from mortgage securities."
Merrill responded by saying "We have no reason to believe that any such inappropriate transactions occurred. Such transactions would clearly violate Merrill Lynch policy." (read more).
Nonetheless, the SEC has reportedly launched a probe into Merrill’s alleged activities (read more).
Citigroup
(
C |
Quote |
Chart |
News |
PowerRating) which lost 7% yesterday, is down another 4% today, hitting a 52-week low (read more).
Chevron
(
CVX |
Quote |
Chart |
News |
PowerRating) added to the gloom, reporting a 26% decline in profit (read more).
| Market Snapshot | ||||||||||||||||||||||||||||||||||||||||||||
|
|
Strongest/Weakest Industry Groups |
||||||||||||||||
|
Economic News |
|
|