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July 4, 2008 10:44:20 PM CDT

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Citigroup Drags Stocks Down

Posted Nov 5, 07 3:43 PM CST in Business    Most Covered

(Newser) – Stocks closed down today after Citigroup announced $11 billion more in mortgage-related writedowns, reports Bloomberg. Early heavy losses reversed later in the session as investors calmed down, reports CNNMoney, but none of the major indexes moved into positive territory. The Dow was down 51.7 to 13,543.4, the Nasdaq 15.2 to 2,795.18, and the S&P 500 7.48 to 1,502.17.

"There was a hope in the market that the third-quarter earnings numbers that came out from the financial sector were going to be the beginning and the end of the summer financial crisis," said one strategist. "We're finding that's not the case." Other big financials also fell, and CNBC reported that Morgan Stanley plans a $3 billion writedown.

Sources Bloomberg, Wall Street Journal, CNN, Financial Times (UK)

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A trader works on the floor of the New York Stock Exchange in New York on Monday, Nov. 5, 2007. Stocks fell but regained some ground Monday as a stronger-than-expected reading on the service economy...   (Associated Press)
The Citigroup Center, left, is reflected in a neighboring building on Monday, Nov. 5, 2007 in New York. Stocks fell but regained some ground Monday as a stronger-than-expected reading on the service economy...   (Associated Press)
Floor Governor Neil M. Katania works the trading floor of the New York Stock Exchange on Monday, Nov. 5, 2007 in New York. Stocks fell but regained some ground Monday as a stronger-than-expected reading...   (Associated Press)
Traders John R. Geraci, left, and Anthony L. Riccio work the trading floor of the New York Stock Exchange in the morning hours on Monday, Nov. 5, 2007 Stocks fell but regained some ground Monday as...   (Associated Press)
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