0.10%QQQQ 44.63 
0.18%XLF 19.94 0.35%
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NEW YORK (AP) - Financial services firm Bear Stearns Cos. said late Monday in a brief statement "there is absolutely no truth to the rumors of liquidity problems that circulated today in the market."
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Shares of the company hit a 52-week low in intraday trading and ended the session off $7.78, or 11 percent, at $62.30 on heavy trading volume. The stock was driven down by unconfirmed speculation the company was having funding problems, even after Bear Stearns dismissed the rumors.
"Bear Stearns' balance sheet, liquidity and capital remain strong," Alan Schwartz, president and chief executive of Bear Stearns, said in a statement.
The company is scheduled to release its quarterly earnings next week.
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