Stocks fall as Bernake, Geithner want more power over financial firmsm New York Daily News
U.S. stocks fell as the nation’s top two banking officials called for stronger regulation of financial firms and Nobel Prize-winning economist Paul Krugman said the government will have to seize major lenders.
Citigroup Inc. and Bank of America Corp. retreated after the shares jumped more than 19 percent yesterday on the Treasury’s plan to purge toxic assets from banks. Southern Co. led a gauge of utilities to a 2.2 percent drop amid concern the U.S. will levy fees on fossil-fueled power plants. Walt Disney Co. slumped 3.3 percent following a downgrade by Goldman Sachs Group Inc., which said the stock is expensive.
... “When you’re buying equities, you’re buying a stream of earnings and current earnings are in freefall,” said Douglas Cliggott, the Greenwich, Connecticut-based manager of the $81 million Dover Long/Short Sector Fund, which beat 97 percent of its peers last year. “We haven’t hit bottom yet.” ...
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