Word: bankes
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...Since Jan. 2, the Standard & Poor's 500 index has given back roughly half of the 24% gain it had logged since mid-November's low of 741. The financial news, spiked with bankruptcies, bank losses, surging foreclosures, rising unemployment and a slew of lifestyle stories on how to live on less, is unnerving investors. On Thursday they confirmed their wariness by taking the Dow Industrials below 8000 briefly before boosting the index back to close at 8212, up 12.35 points...
...Most troubling to the financial markets is the ongoing question surrounding the nation's biggest banks, including reports that Bank of America's acquisition of Merrill Lynch is shaky and that BofA will need billions more in federal assistance. Meanwhile, Citigroup is trying to stay one step ahead of the sharks, er, shorts, who have taken the stock down more than 20% in the past two days. Though Citi is moving aggressively to hive off assets and divisions - earlier this week it announced the merger of its Smith Barney brokerage unit with Morgan Stanley's Global Wealth Management division...
...back near the November bottom. For stock-market technicians, a so-called double bottom, or return to prior lows, can be a healthy sign of base-building, which can set the stage for a sustained advance. But there are special risks related to any such swoon this time around: Bank stocks are among the market's weakest, and a further drop in their shares could place these institutions in jeopardy. Further, another steep decline in stocks could trigger a new round of redemptions from hedge funds, which in turn could lead to more selling...
...Cash Intricate global networks have helped Iran elude sanctions against doing business in the U.S., according to recent reports. A Jan. 12 study from the Institute for Science and International Security says Iranian firms used Dubai- and Malaysia-based intermediaries to procure bombmaking materials from U.S. companies. Meanwhile, British bank Lloyds TSB admitted in a $350 million U.S. court settlement on Jan. 9 that it had illegally stripped identifying information from bank records so that Iranian entities could do business with U.S. banks. Nine other banks remain under investigation...
...engaging in street fighting with Palestinian militants. The offensive, which has claimed the lives of more than 950 Palestinians and 13 Israelis so far, has hardened attitudes on both sides: numerous civilian deaths have led to an outpouring of support for Hamas among Palestinians in the Fatah-controlled West Bank, while Israelis have united behind their military's efforts...