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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Secret_Agent_Man who wrote (347098)	11/1/2007 5:13:16 PM
From: Secret_Agent_Man	Respond to of 436258

whoopz- curbs still workin' The broader S&P 500 index (Charts) lost 2.3 percent, while the tech-fueled Nasdaq slipped 1.9 percent. Trading curbs remained active on the New York Stock Exchange after going into effect early in the session to limit the market's downside. Leading the 30-stock Dow index lower was Citigroup (Charts, Fortune 500), whose stock fell 6.7 percent in afternoon trade to its lowest level in 4-1/2 years. Citi shares tumbled after a CIBC World Markets analyst downgraded the company's stock and added that Citigroup may have to cut its dividend in order to raise $30 billion in capital. News of the downgrade hit Citi stock and sparked fears that other major financial players were harder hit by this summer's subprime crisis than originally anticipated. Some investors worry that because the value of many of these mortgage-backed securities has not been determined, firms like Citi may have to take additional losses. "It's continued concern about subprime and the pricing of these securities," said Owen Fitzpatrick, head of the U.S. equity group at Deutsche Bank. "Even though they took writedowns, I think there's a lot still sitting on their books and a general concern that they may have to see further reductions." Adding to the negative sentiment was Credit Suisse (Charts), which reported a 31 percent drop in profits Thursday - hurt by the U.S. housing market and weakened demand for buyout loans. Shake-ups on the Street Also pressuring stock were disappointing results from oil major Exxon Mobil (Charts, Fortune 500), which reported a bigger-than-expected drop in quarterly earnings, driving down its shares by 2.6 percent. Oil prices reached a new record high of $96.24 a barrel in electronic trading earlier Thursday. But light, sweet crude for December was trading 67 cents lower to $93.86 a barrel in afternoon trade on the New York Mercantile Exchange. Stocks surged just a day earlier after the Federal Reserve delivered the quarter percentage point rate cut that Wall Street was hoping for and lowered its key lending rate to 4.5 percent. But with the Fed decision behind them, investors shifted their attention to a host of economic reports delivered Thursday. The government reported that personal income and spending by individuals rose less than expected in September, while personal income rose in line with expectations. The report also included a key inflation measure known as the core PCE deflator, which measures prices paid by consumers for items other than food and energy. It showed a 1.8 percent increase, within the Fed's comfort level. Manufacturing in the United States grew less than expected during the month of October, the Institute for Supply Management reported, suggesting that woes in the housing market could be spreading to the broader economy.