Updated from 1:33 p.m. EDT
Financial stocks rebounded Thursday, after two days of selloffs following renewed concerns over the impact of subprime mortgages on banks and the housing market.
Standard & Poor's on Tuesday warned it could cut ratings on securities backed by subprime mortgages, and Moody's followed that announcement by doing just that. Investment banks and real estate investment trusts that invested in or securitized subprime mortgages took a hit that rattled the markets.
By Thursday, however, investors fears about the potential wide reach of the subprime problem seemed to have subsided. While REITs dealing in the subprime space, including American Home Mortgage(AHM Quote), continued to lag, Wall Street banks such as Bear Stearns(BSC Quote), Goldman Sachs(GS Quote) and Lehman Brothers(LEH Quote) were returning to levels before the selloff began Tuesday. ...
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