Archive for October 1st, 2007
Stocks Soar on New Hopes For Rate Cut
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Wall Street shot higher Monday, sending the Dow Jones industrial average into record territory after a weaker than expected report on manufacturing raised hopes that the Federal Reserve will lower interest rates later this month. A big acquisition by Nokia and relief over a profit warning from Citigroup Inc. added to the market’s gains.
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Posted: October 1st, 2007 under .
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Citigroup Warns of 60 Pct. Earnings Drop
Citigroup Inc., the nation’s largest financial institution, warned Monday its third-quarter earnings are likely to decline 60 percent, as it takes more than $3 billion in writedowns for securities backed by underperforming mortgages and loans tied to corporate buyouts.
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The announcement from Citigroup came as the Swiss bank UBS [...]
Posted: October 1st, 2007 under .
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