(Reuters) - NEW YORK, Aug 3 - U.S. stocks slid sharply on
Friday, with fears about mortgage losses intensifying after
Bear Stearns' chief financial officer said
fixed-income market turmoil was worse than the Internet
bubble, and as jobs data suggested weakness in the economy.
Bear Stearns' shares fell 6 percent as mortgage jitters
drove a sell-off among financial shares. Earlier, Standard &
Poor's changed its ratings outlook on the investment bank, the
biggest U.S. underwriter of mortgage bonds, to "negative" from
"stable."
Read more at Reuters.com Bonds News
Friday, with fears about mortgage losses intensifying after
Bear Stearns' chief financial officer said
fixed-income market turmoil was worse than the Internet
bubble, and as jobs data suggested weakness in the economy.
Bear Stearns' shares fell 6 percent as mortgage jitters
drove a sell-off among financial shares. Earlier, Standard &
Poor's changed its ratings outlook on the investment bank, the
biggest U.S. underwriter of mortgage bonds, to "negative" from
"stable."
Read more at Reuters.com Bonds News
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