Author: 123jump.com Staff
123jump.com
Last Update: 4:40 PM EDT May 06 2008
U.S. stocks reversed their earlier losses and traded higher. Fannie Mae reported sharply higher than expected losses, trimmed its dividend and plans to raise $6 billion. The largest lender will also be allowed to operate with only 10% of restricted capital by the end of the second quarter. separately, the Swiss bank UBS reported a larger than expected loss and said it will elimiate 5,500 jobs. Crude oil traded at a new record above $122 a barrel.
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