NEW YORK (AP) - Wall Street recovered from steep losses Wednesday amid hopes for an imminent interest rate cut, but stocks still closed down in response to Merrill Lynch & Co.'s credit-related losses and a sharp drop in existing home sales.
The Dow Jones industrials fell in morning trading by as many as 200 points after the market got one of its most-feared scenarios: Not only is the housing implosion dampening corporate profits, it appears to be accelerating.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!