Author: 123jump.com Staff
123jump.com
Last Update: 7:49 AM EST January 15 2008

U.S. stocks fell sharply as investors grew nervous of the impending slow-down in the economy. The growing perception that the ongoing housing market correction will eventually slow-down the economy. Citigroup reported 70% decline in revenue and a loss of $9.8 billion on $18.1 billion write down related to subprime and consumer lending. Merrill and Citigroup are in deals to secure $21 billion in investments from investors in Singapore, Japan, Korea, and Middle East. Intel earnings jumped 51%.