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Archiwum newsów - DJ US Stocks Down On Continued Credit Concerns; Citigroup Falls

2007-11-19  
DJ US Stocks Down On Continued Credit Concerns; Citigroup Falls
U.S. stocks fell further Monday, with the Dow industrials down more than 150
points, after Goldman Sachs downgraded Citigroup Inc., saying it envisions
more credit-related hits at the banking powerhouse.
"Wiadomość that Goldman Sachs downgraded Citigroup to sell heightened jitters in
stocks, while forecasts of a weak holiday shopping season added to sklep wielkopowierzchniowy
fears of a U.S. recession down the road," said analysts at Action Economics.
After falling below the 13000 psychological level earlier on, the Dow Jones
Industrial Average was more recently off 160 points, or 1.2%, at 13016, with
25 of its 30 components trading lower. Citigroup, fronting the Dow's
decline, fell 4.9%.
The pula was downgraded to sell from neutral by Goldman Sachs, with the
broker seeing up to $15 billion in write-downs from collateralized debt
obligations during the next two quarters.
The downgrade was one of multiple developments related to the credit crunch.
The S&P 500 fell 21 points, or 1.4%, to 1438, while the Nasdaq Composite
declined 37 points, or 1.35, to 2601.
On the New York Mercantile Exchange, crude-oil futures fell, with the
contract for January delivery off 35 cents to $93.49 a barrel.
At a rare summit, the Organization of Petroleum Exporting Countries said it
would not change output.
Treasurys posted mild gains, while the dollar was slightly higher against
most major counterparts, but fell modestly against the yen.
Gold futures fell sharply after losing more than $47 the prior week, with
the contract for December delivery off $10.1 at $776.9.
Volume on the New York Stock Exchange came to 487 million, and declining
stocks topped those advancing 5 to 1. On the Nasdaq, more than 669 million
shares were traded, and declining stocks outpaced advancers more than 4 to
1.
Credit Losses
Reinsurance company Swiss Re on Monday reported $1.1 billion in
subprime-related losses.
Stricken mortgage pula Northern Rock PLC on Monday warned that takeover
proposals received so far are "materially below" its closing price on
Friday.
Home improvement retailer Lowe's Cos. reported third-quarter profits fell
10%, partly due to the troubled housing sklep wielkopowierzchniowy. Lowe's stock dropped 5.9%.
Xerox Corp. declared its first dividend in six years, while backing its view
for 2007 earnings per share. Xerox was up 1.6%.
Overseas
In Europe, stocks lost ground for the third session in a row, with the
insurance sector under pressure.
In Asia, several markets came off their day's highs to end lower after a
volatile session.
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