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Tuesday, November 20, 2007

Stocks Plunge: more mortgage losses to come

November 19 2007

Stocks closed sharply lower after a brokerage downgrade of Citigroup sparked concerns that there may be more mortgage losses to come, raising doubts about the outlook for the economy. Setting the tone for the session, Goldman Sachs recommended that investors sell shares of Citigroup saying the largest US bank may have to write off $15 billion over the next two quarters as mortgage losses reduce earnings.

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