Late day buying pulled the Dow back to near break even. Dow was down 28, decliners over advancers almost 3-2 & NAZ down 10. Sort of a mixed day with a downward bias. However, buying in the last 30 mins reduced the loss for the day. Today is options expiration, making it difficult to figure out what was really happening with stock price movements. Countrywide (CFC), down 8¢, reported that delinquencies rose again, another uh-oh. They have a ton of problems, hope they don't get in the way of their acquisition by Bank of America (CFC).
Bloomberg TV had a quick analysis about AIG, a Dow stock & the biggest insurer. This week, they have been announcing the magnitude of their insurance losses related to covering bond losses by clients. Their story involving billions has been changing daily, like they don't know what they are doing. There are also rumors that Bear Stearns may be taken over during the long weekend. Amid all the problems with financials, some see opportunities.
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