Stocks Slide on Fed Comments
Stocks opened higher on Monday, following Friday’s heavy
selloff due to poor employment data, but were unable to sustain
the early momentum.
Dennis Lockhart, the Federal Reserve Bank of Atlanta’s
President, and Janet Yellen, the San Francisco Fed President both
commented on the likelihood of an interest rate cut.
In deal news, First Niagara Financial Group
(
FNFG |
Quote |
Chart |
News |
PowerRating)
announced a deal to buy Great Lakes Bancorp
(
GLK |
Quote |
Chart |
News |
PowerRating) for
$153 million (full
story).
Apple
(
AAPL |
Quote |
Chart |
News |
PowerRating) reported it has sold 1-million
iPhone’s (full
story).
Fitch took rating actions a number of Centex Home Equity Loan
mortgage pass-through certificates, affirming 15 and downgrading 5
(full
story).
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