Long-present unease about soured loans bubbled over on Monday after Bank of America said it set aside $13.4 billion to cover lending losses, even as it posted a profit for the first quarter, and as anxiety grew about the results of the government's "stress tests" to determine if banks will need more government bailout money. While Bank of America and other big banks like Citigroup have fared better so far this year than many believed they would, nervousness is growing now over the massive losses from defaulting loans that are yet to come. The Dow Jones industrial average fell 290 points, or 3.6%, to 7,841.73 -- the biggest Dow drop since early March.
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