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Repiglican Roast

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Wednesday, December 19, 2007

Dow, S&P dip as credit concerns nag

During the regular session, deteriorating mortgage debt resurfaced as an issue driving the market after Standard & Poor's warned it is more likely to cut credit ratings of Ambac Financial Group Inc (ABK.N: Quote, Profile, Research) and MBIA Insurance Corp (MBI.N: Quote, Profile, Research), two of the world's biggest insurers of bonds.

If these two companies are downgraded, the $1.2 trillion of debt they insure will fall in value.

Despite the blow to the market's overall confidence, downtrodden bank stocks rebounded on news that a Chinese sovereign wealth fund had bought a $5 billion stake in U.S. investment bank and brokerage Morgan Stanley (MS.N: Quote, Profile, Research).

Labels: Morgan Stanley. Broken Country

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