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Friday, July 11, 2008 8:15:36 AM
Megamergers and soothing congressional testimony from the likes of Fed chief Ben Bernanke don't come along every day, as Wall Street is painfully aware. Stock futures are pointing down as the glow from yesterday's news fades and the focus returns to the latest installment of the credit crisis.
The New York Times says that if problems at Fannie Mae and Freddie Mac get worse, the U.S. government might take over the mortgage financiers in a plan that would leave shareholders with nothing.
And earlier today, oil hit another record high - $145.98 a barrel - on worries over supply disruptions from Iran and Nigeria, as well as the threat of a strike in Brazil next week.
General Electric's reassuring quarterly results, which might have moved the market higher on another day, failed to penetrate the overall gloom, although they did boost the company's stock.
The dollar is steady against an index of major currencies. U.S. Treasuries are mixed.
Two more chemical companies are looking to tie the knot. Ashland is buying Hercules in a cash-and-stock deal valued at $2.6 billion.
Several pieces of data are on the way, including the international trade deficit and import-export prices.
There will also be a report on consumer sentiment. It may not be all that bad, given that people are lining up for the new version of Apple's iPhone, which is going on sale today.
Until Monday,
Lisa Von Ahn
News Mail Editor
> These messages are only the opinion of the poster, are no substitute for your own research,http://investorshub.advfn.com/boards/board.asp?board_id=7707
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