Daily Recap
Bad news in the housing sector continues to worry investors, but rumors of upcoming fed rate cuts rallies the market back from early losses. Continued deterioration in the housing sector could lead the fed to down tick the federal discount rate before the fed meets next week. The discount rate is the interest rate the fed charges banks to loan money.
Market Clips
Mark Zuckerberg, founder of Facebook, is the newest internet spun billionaire. Starting the social networking site four years ago while a student at Harvard, Facebook today announced they have sold a 1.6% stake to Microsoft for a reported $240 million dollars. This purchase values the company at $15 billion dollars.
Merrill Lynch & Co. reported Q3 earnings yesterday that included a $7.9 billion dollar write-down in mortgage backed securities. This is the companies first loss in six years.
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