The market closed at its lows yesterday after bond insurer FGIC lost its AAA rating at Moody’s, and was downgraded a notch. This hit the financials, and weighed on the overall market as selling picked up.Yesterday’s big move down was also likely due to the fact that we are in an options expiration week, which typically sees at least one big down day. Yesterday’s action certainly fit that bill.Today, UBS said that it may write-down an additional $203 billion, due to the bond insurance credit crisis. That’s quite a figure, and is press[...]
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[Source: The Money Blogs]
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