The market was under pretty heavy selling pressure in early trading, but it has since bottomed and moved back into positive territory.The news before the bell was all bad: UBS was cutting 5500 jobs and Merck (MRK) was cutting 1200 jobs; oil is hitting new highs above $122; and Fannie Mae (FNM) reported a bigger than expected loss, cutting its dividend -30%, and raising $6 billion in capital.But as FNM’s conf call wore on, the stock began to turn higher and erase all of its losses. That helped the financial sector botto[...]
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[Source: The Money Blogs]
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