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Friday, November 2, 2007

Stocks Tumble on Citigroup Worries

November 01 2007
The excesses that led to a bust in the housing boom haven't spread to the commercial real estate market, where the outlook is cautious but decidedly upbeat. Fears that more big subprime writedowns are waiting in the wings sparked a sell-off on Thursday. It may have been the day after Halloween but Wall Street had a full-scale fright-fest Thursday, with the markets looking fearfully for subprime-related monsters lurking in the shadows. Major U.S. stock indexes fell out of bed on Thursday, led by further losses in the financial sector after a downgrade on Citigroup re-ignited worries about more bad loans on its books and further write-downs to come. Negative earnings news from Exxon Mobil and Credit Suisse Group also sapped any lingering optimism among investors. The benchmark index had its fourth-largest decline of 2007.

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