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Uh oh....what a difference an hour can make. It looked pretty steady all day, then down another 170 points, 1.3%.
BBC sez:
"The problems in the US housing market came to the fore again as Merrill Lynch told its clients to sell any shares they own in the country's largest mortgage lender, Countrywide Financial.
It warned that Countrywide could face bankruptcy if the availability of credit in the market gets any worse and there were market rumours that the lender had indeed failed to raise some money it needed.
Worries about a slowdown in US consumption were not helped by results from the department store Macy's, which blamed the "difficult" climate for a 77% fall in its quarterly profits."
More housing woes, and 77% fall for Macy's due to a "difficult" climate (more middle class erosion???)
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