Your Web Site
Financial stocks recover a portion of day's loss Hartford shares rally on Allianz capital deal; Wachovia's fate in the balance NEW YORK (MarketWatch) - U.S. financial stocks fell sharply on Monday during a wild session that saw the broader Dow Jones Industrial average plunge 800 points before more than half of the losses. Shares of National City Corp. plunged more than 25% on Monday, dragging down the broader banking sector but also closing off its lows. In a report on Friday, rating agency Fitch downgraded the National City's company's issuer default ratings, saying, "With market pressures making access to new forms of funding quite difficult, NCC will need continued focus on maintaining its strong liquidity." However, Fitch added that the firm has made progress in combating a difficult financial situation and said that,... [read full story]
