Financial stocks began generally losing their grip on positive territory around mid-morning Friday as a glut of corrosive news caught up with the sector.
Poor housing data contributed to the reversal. The Census Bureau reported that November home sales slid 9% sequentially and 34.4% vs. last year, and that the new homes inventory rose to 9.3 months.
Meanwhile, bond insurers MBIA (MBI Quote) and Ambac (ABK Quote), already prominent victims of the ongoing credit crisis, took more hits after The Wall Street Journal reported that Warren Buffett is launching a competing bond insurer through his Berkshire Hathaway (BRKA Quote) firm.
According to the Journal, the new entity aims to allow local governments to borrow more cheaply, and is planned to start up in New York today. ...
Recent Comments
| 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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DOWN
37.61
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DOWN
0.48
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10 Yr
3.23%
SPDR Gold
115.06
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-1.48%
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-1.72%
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-1.73%
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-1.46%
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