Wells Fargo, JPMorgan said that they are looking into the problems of home equity loans, auto loans, credit cards and consumer credit.
2008-01-21 13:30:34 (GMT) (Caymanmama.com - Banks & Banking News)With a sudden fall in the Wall Street, investors are curious to know what measures can mend this fall and the only answer that market experts has with them is time. No corporate earning report, economic data, tax plan by government or move by Federal Reserve is expected to provide any relief to the market anxiety for the coming few weeks at least.
This doesn’t mean that the stock market will only witness such downward trend, instead this time will be viewed by bargain hunters as the opportunities for buying especially if there is any encouraging news such as unexpected profits for MNCs or a hefty cut on the interest rate is revealed.
Though there can be some rallies for the financial results next week by some of the MNCs including Dow Jones industrials, Johnson & Johnson, Pfizer and many others, but it should not be a matter of astonishment for anyone if the profits disappear as fast as they produced.
The question of the investors to purchase stocks will remain unanswered till the results for all the four-quarters are revealed and until the growth of the first quarter is revealed by the Wall Street.
Arthur Hogan, the chief market analyst with Jefferies & Co. commented, “We’ve baked in a lot of bad news. But we don’t know the magnitude of the bad news yet. We don’t know if we’ve overdone it. I don’t think there’s any combination of things next week that will necessarily turn things around.” The 500 index of Standard & Poor’s dropped by 5.4 percent, the index of Nasdaq composite recorded a fall of 4.1 percent and the Dow was down by 4 percent the previous week.
Even the profitable banks namely Wells Fargo & Co and JPMorgan Chase & Co. said that they are looking into the problems of home equity loans, auto loans, credit cards and consumer credit.
CaymanMama.com - Press Release Distribution Service
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