Credit crisis still not behind Wall Street - The Associated Press- Topic: Cash Before Payday
Stocks plunged Friday, sending the Dow Jones industrials down nearly 400 points, after oil prices shot up by more than $11 a barrel and neared $140 a barrel _ and wiped out investors' recent optimism about the economy in the process. NEW YORK (AP) — The chief executives at the world’s biggest financial institutions might have been a bit too optimistic by declaring we may be nearing the end of the global credit crisis. Just as Wall Street started to look safer for investors, another wave of anxiety about the financial industry, inflation and the economy dragged down stocks this past week. Investors continue to worry that the pain might not be over for financial companies — and that the market as a whole will suffer until investment banks release quarterly results later this month. Gendreau said for long-term investors, the historic lows seen across the entire financial sector does make some big banking companies such as JPMorgan or Merrill Lynch look attractive. Most people on Wall Street feel the market feel investment banks can’t really fall that much more, and a rebound will help the stock market ratchet higher. Learn more
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