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Another losing session on Wall St.

Tuesday, June 26, 2007

Stocks fell Monday(25/6) for the second straight day, thwarting an early rally, as Wall Street continued to worry about hedge funds hit by big losses in troubled securities backed by subprime mortgages.

The Dow Jones industrial (down 8.21 to 13,352.05) average fell about 8 points after having been up 100 points or more earlier.

Stocks rallied in the morning, but gains evaporated following reports that investment bank Bear Stearns may have to bail out a second hedge fund, according to a Merrill Lynch analyst. On Friday, Bear Stearns said it would provide up to $3.2 billion in financing for a struggling hedge fund it manages, which is heavily weighted with subprime debt.

Whoops, wrong graph... that's President George Bush's job approval rating. :P Haha... Bush's anemic rating is a sign Republicans are abandoning him, NBC News said. It represents a six-point drop from Bush's approval rating when the poll was last conducted in April.


posted by Ivan, 4:38 pm


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