Author: Elena Todorova
123jump.com
Last Update: 10:08 AM EDT August 30 2007
Wall Street opened sharply lower, reflecting profit-taking and nervousness ahead of Fed Reserve Chairman Ben Bernanke''s speech Friday. Financial stocks moved top the downside after Lehman Bros cut its profit estimates for 2007 and 2008. Lehman also reduced its earnings estimates for Wall Street''s top investment banks. Following the news, Goldman Sachs fell 1.5%, Morgan Stanley lost 2% and Merrill Lynch dropped 1.4%.
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