Stocks were mostly lower Tuesday as downbeat news from the financial sector raised more concerns about the ongoing impact of the credit crisis on the economy. Another drop in the price of oil helped placate some investors.
Treasury bond prices advanced Tuesday, driven by continued concern about credit losses from major Wall Street banks and uncertainty about the value of risky mortgage-backed securities.
Lehman Brothers Holdings Inc. shares fell more than 12 percent in trading Tuesday as investors continued to worry about further credit-related losses in the financial sector.
JPMorgan Chase & Co.'s news that its credit losses of the past month and a half already exceed its second-quarter losses is sobering proof that an end to the credit crisis is still far off in the future.
The Toronto Stock Exchange's main index closed lower on Tuesday as financial shares fell on worries over more losses related to the credit crunch, offsetting a rebound by gold producers.
Vietnam has reportedly tapped Credit Suisse to advise on the initial public offering of state-owned MobiFone , one of the country?s top three largest mobile phone network providers.
Shares of credit card issuer Discover Financial Services fell Tuesday, as investors once again fled financial stocks on concerns over lingering problems in the credit markets.
Stock index futures were little changed on Tuesday as worries about the impact of the credit crisis on the financial sector tempered optimism sparked by a further drop in oil prices.
