Wednesday, November 07, 2007
Wall Street ends sharply lower on financial woes, weak dollar
DJIA
13,300
-360.92
S&P
1,475
-44.65
NASDAQ
2,748
-76.42
10Yr
4.33%
-0.023
Wall Street ends sharply lower on financial woes, weak dollar
NEW YORK
Wall Street shares thudded lower Wednesday, with Dow suffering its
fifth-largest decline yet this year, amid persistent financial woes, a
drooping dollar, surging oil and General Motors Corp.'s largest-ever
quarterly loss.
Fannie, Freddie caught up in N.Y. mortgage probe
WASHINGTON
New York's attorney general is asking mortgage buyers Fannie Mae and
Freddie Mac for information about their loans purchased from banks
including Washington Mutual as part of a probe into the mortgage
industry.
Currencies: Dollar off lows, but still under pressure ahead of ECB, BOE
SAN FRANCISCO
The dollar was off new lows hit Wednesday after a Chinese official
called for his country to shift more of its foreign-exchange reserves
out of the greenback, but remained sharply down, under pressure from
pricey oil, slumping stocks and expectations that U.S. interest rates
are headed lower than those in Europe.
Troubled financials sector shaves 6 percentage points off S&P 500
BOSTON
The sell-off in financials stocks triggered by the subprime fallout and
credit turmoil has shaved about 6 percentage points of return off the
S&P 500 Index so far this year, said Banc of America Securities' chief
U.S. investment strategist.
Samsung of two minds on so-called white spaces
SAN FRANCISCO
When a unit of Samsung Electronics Co. appeared arm in arm earlier this
year with companies pushing the government to open unused airwaves for
inexpensive wireless Internet service, other parts of the South Korean
conglomerate were less than pleased.
