U.S. stocks rebounded from earlier losses after S&P credit analyst estimated total losses related to subprime loans of $285 billion. The statement further added that nearly 65% of these losses are already announced. The relatively positive tone in the note lifted mood in trading and financial and consumer stocks rebounded. S&P and other agencies are at the heart of the credit market malaise as they rated 85% of subprime loans issued between 2005 and 2007 as AAA, many of these are now worthless. |
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