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Market drops on AIG's loss, higher oil (Reuters)
AIG sees no signs of mortgage asset market rebound yet (Reuters)
Oil hits record $126 on supply worry (Reuters)
Mortgage credit losses could total $500 bln: Goldman (Reuters)
March trade deficit drops by bigger-than-expected amount (AP) AP - The U.S. trade deficit narrowed sharply in March as demand for imports fell by the largest amount since the last recession was ending. Analysts forecast that trade would continue to be one of the economy's few bright spots this year. Time Is Prime Driver With Mutual Funds (Investor's Business Daily) Investor's Business Daily - Buying a mutual fund is a different game than buying a stock. Icahn prepared to buy Circuit City if Blockbuster can't (AP)
All News Lines - Local and World Wide, Updated Hourly
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Reuters - Citigroup Inc said on Friday it plans
to shed $400 billion of assets within three years and boost
revenue by up to 10 percent annually, in a bid to restore
profitability after huge losses tied to flagging mortgage and
credit markets.
Reuters - Stocks fell on Friday as concerns
about the financial sector flared up again after American
International Group Inc reported a record loss and as
the price of oil set another record.
Reuters - American International Group ,
after disappointing with a worse-than-expected loss on
Thursday, did little to buoy investor spirits on Friday,
telling shareholders it does not yet see signs of a rebound in
the market for mortgage assets, which have cost it dearly over
the past two quarters.
Reuters - Oil jumped to a record above $126 a
barrel on Friday, extending gains to more than 11 percent since
the start of the month on fuel supply concerns and a rush of
speculator buying.
Reuters - Goldman Sachs economists expect a
total of $500 billion in residential mortgage credit losses, a
renewed slowdown in economic activity after the near-term boost
from fiscal stimulus, and no monetary policy tightening in 2008
or 2009, according to a research note from the firm.
AP - Consumer electronics retailer Circuit City Stores said Friday that it will allow Blockbuster to review its books in connection with the video-rental chain's bid to buy the company.
