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U.S. Stocks Recover From Losses |
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Author: 123jump.com Staff
123jump.com
Last Update: 4:54 PM EDT October 24 2007
U.S. stocks fell at the opening on the larger than estimated loss from Merrill Lynch in the asset based lending and fixed income trading business. The size of the loss, $8.5 billion took market by surprise. Existing home sales in September fell 8% to 5.04 million annual rate, lowest level since 1999 on fewer loans and high inventories. After the earnings reports, Broadcom, Amazon.com, Legg Mason, Moodys, Merrill Lynch, and National Oilwell declined. European markets closed lower. |
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