Stock Market Update - Fri Aug 03 10:30:01 EDT 2007
[BRIEFING.COM] The indices are bouncing off their recent lows, but barely, as the influential Financial sector (-1.2%) being dealt yet another blow remains a large overhang. At the top of the hour, the market spiked to its worst levels of the morning when it was reported that Standard & Poor's changed its rating outlook on Bear Stearns (BSC 108.35 -7.33) to negative from stable, indicating there is a greater chance of a downgrade over the next two years.
S&P saying that recent developments, including problems at some of BSC's hedge funds, have the potential to hurt its performance for an "extended period." Shares of BSC have hit a fresh 20-month low, are now more than 37% off their mid January high, and push the Investment Banks group even further into negative territory for the year. It currently ranks as the year's sixth worst performer with a year-to-date decline of 15.4%.
NYSE Adv/Dec 775/2182...Nasdaq Adv/Dec 891/1755
