Author: 123jump.com Staff
123jump.com
Last Update: 5:00 PM EDT July 11 2008


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U.S. stocks fell sharply on a sharp rise in crude oil prices and continued weakness in financial stocks. Rising tensions in the Mideast lifted crude oil futures to a record high. Fannie Mae Plunged 30% and Freddie Mac dropped 40% on the speculation that the government bailout plan may include shareholders. Citigroup sold its German consumer finance business to Credit Mutuel Group of France for 4.9 billion euros or $7.6 billion.