Author: 123jump.com Staff
123jump.com
Last Update: 12:48 PM EST February 15 2008


Email article | Print article

U.S. stocks declined on the worries that the current credit market losses may widen, higher estimates of loan losses, and weak manfacturing survey from the NY Fed. The market averages edged lower after the UBS analyst estimated additional loan losses of more than $200 billion. Separately, Citigroup estimated additional loan losses at UBS of between Sfr12 billion to Sfr20 billion. FGIC, troubled bond insurer, requested NY Insurance Department to separate its municipal bond business.