Published July 15th, 2008
U.S. Stocks Fall; Financials Drop to Lowest in Decade
Kirim ke email temanU.S. stocks fell, sending financial shares to their lowest level in almost a decade, on heightened concern that bank failures will spread.
Washington Mutual Inc. posted the steepest retreat ever and National City Corp. tumbled to a 24-year low after last week’s collapse of IndyMac Bancorp Inc. spurred speculation that regional banks are short of capital. The companies said they’ve seen no unusual depositor activity. Fannie Mae and Freddie Mac erased an earlier rally fueled by Treasury Secretary Henry Paulson’s plan to help rescue the largest U.S. mortgage lenders.
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