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Will the bulls keep running this week?
A number of big banks took big writedowns last week in a bid to clear their books of bad loans tied to this summer's credit crunch. Citigroup(C Quote), Merrill Lynch(MER Quote), Washington Mutual(WM Quote) and Deutsche Bank(DB Quote) were among big financial institutions taking big writedowns on the value of their loan and trading books.
The losses were heavy, ranging as high as $5.5 billion in Merrill's case. But Wall Street's take on the banks' big hits was surprisingly upbeat, as stock indices hit new records. Citi CEO Charles Prince summed up the mood Monday, when he predicted Citi would "return to a normal earnings environment in the fourth quarter." ...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,309.92 | 1,091.49 | 2,138.44 | 32.31 |
Oil *
77.12
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DOWN
154.48
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DOWN
19.14
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37.61
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0.48
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10 Yr
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SPDR Gold
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-1.46%
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