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A stock rally fueled by the Fed's latest interest rate cut lost momentum in the final hour after CNBC reported that two big bond insurers could be downgraded as early as today.

But the market quickly turned negative after CNBC reported that Wall Street bond rating agencies could downgrade two big bond insurers, Ambac Financial Group and MBIA, even though New York state insurance regulars would like to get a postponement until the state can develop a bailout package.

http://www.cnbc.com/id/22909998