Bear Stearns plunged 10% after rumors circulated that it faces liquidity crunch. The company denied the rumors. Banks, brokers and insurance companies are trading at their lows last seen five to ten years ago. Fears of more credit market losses dragged stocks in the banking sector to their seven year lows. Bear Stearns is trading at a level last seen in 2002, Fannie Mae is trading at 1993 level, Citigroup at 1998, Lehman Brothers at 2004 level, and Merrill reached 2000 level. |
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