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Article: Stocks Bounce Back After Pullback
- Article from:
- AP Online
- Article date:
- November 6, 2007
- Author:
CopyrightCopyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
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Stocks rebounded early Tuesday as global stock markets came back from a widespread pullback brought on by renewed concerns about credit.
Big names on Wall Street such as Citigroup Inc. and Merrill Lynch & Co. have stirred gloom on Wall Street of late by taking or warning of big write-downs on debt tied to faltering mortgages. The uncertainty about U.S. credit problems has spread to other markets as well.
Citi and Merrill, among others, have been bombarded by securities they hold that are tied to subprime loans, those made to borrowers with poor credit. A sharp pullback in housing prices has tripped up borrowers and sent mortgages defaults higher. That soured debt has ...