Author: Elena Todorova
123jump.com
Last Update: 10:20 AM EDT August 06 2007
Wall Street rallied at opening Monday but shortly afterwards erased gains amid growing concerns over credit markets and the impact of subprime mortages on financial institutions. Credit worries were underlined by American Home Mortgage which dropped 36% after bankruptcy filing. Bear Stearns fell 4% after defending its actions in the credit market and laying off a key executive. Merrill Lynch traded near the flat line after UBS upgraded the stock to a buy rating.
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