Log in to your IBTimes Account

close
ID
Password
  • Set your IBTimes.com Edition

Financial shares drop amid lingering credit concerns



25 October 2007 @ 11:52 pm ET

Financial stocks declined on Thursday as difficulties in the credit market continued to weigh on the minds of investors.

Related Topic

Get stories by e-mail on this topic.

  • financial stocks | RSS
E-mail:

The Amex Securites Broker-Dealer Index, which measures a broad array of financial stocks fell 2.57 points, or 1.1 percent to 225.61. The S&P Insurance Index was down 4.22 points, or 1.1 percent to 376.50 and the KBW Bank Sector Index declined 0.32 points, or 0.3 percent to 100.86.

American International Group shares fell $2.05, or 3.2 percent, to $61.79 amid rumors that the world's biggest insurer will report big write-downs related to subprime mortgages and collateralized-debt-obligations.

The concerns came a day after the largest U.S. brokerage, Merrill Lynch reported an $8.2 billion write down on the same financial products. After falling nearly 6 percent on Wednesday, Merrill shares dropped another 3.7 percent, or $2.32 to $60.90.

The biggest mortgage lender by loan volume, Countrywide, slid 76 cents, or 5.5 percent to $13.07. The stock has lost nearly 70 percent of this value this year on subprime-mortgage lending troubles.

Bond insurer MBIA dropped $8.20, or 15 percent, to $46.99 after posting a loss and reporting a writedown. The largest U.S. mortgage insurer MGIC Investment fell $1.84, or 9.32 percent to $17.90 after it cut its quarterly dividend by 90 percent

This article is copyrighted by International Business Times.

    Click!
  • Rate this article:

Comments

Post Your Comment

*Name


advertisement
More Global Markets
Whereas gold has forged ahead to new highs in recent weeks, silver has got bogged down working off overhanging supply, which is the price it is paying fo...
Last week gold's major new uptrend became established when following a successful test of support at the breakout point it advanced to new highs, indiffe...
An avowed Keynesian, Equities and Economics Report writer Victor Gonçalves braces against the economic gale-force headwinds that threaten to whip gold's ...

advertisement
Advertisement
POS Magnetic Card Readers

Online distributor for point of sale equipment, TYSSO and Pegasus.

 
IBTimes.com Web
Partners
International Business Times© 2009 The Ibtimes Company. All Rights Reserved. Terms of service | Privacy Policy | Advertising | About Us | Contact Us | Archives