Business
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Reuters - Fear spread on Friday that the U.S. housing crisis would drag down the nation's major mortgage finance agencies and the government offered no hint that it would swiftly step in to help.
Read Paulson shoots down Fannie, Freddie bailout (Reuters) (Links)
GE profit falls, meets estimates, sells loan unit
(AP)
AP - Industrial and financial conglomerate General Electric Co. said Friday its profit fell 6 percent in the second quarter, and has agreed to sell its Japanese consumer finance business for $5.4 billion.
Read GE profit falls, meets estimates, sells loan unit (AP) (Links)
Dow cracks below 11,000 on Wall St slide
(Reuters)
Reuters - Stocks slid further on Friday, sending indexes down about 2 percent or more and the Dow briefly below 11,000 for the first time since July 2006, as investors fretted about the stability of home financing providers Freddie Mac and Fannie Mae .
Read Dow cracks below 11,000 on Wall St slide (Reuters) (Links)
Reuters - Consumer confidence rose unexpectedly in early July from a 28-year low with the help of retail discounts, but the vast majority think the country is in a deepening recession, according to a survey released on Friday.
Read Retailer discounts lift some consumer gloom (Reuters) (Links)
Reuters - General Electric Co on Friday posted a second-quarter profit in line with Wall Street forecasts as its finance business recovered from a brutal first quarter, but the company warned those operations are not out of the woods yet.
Read GE profit meets expectations; outlook steady (Reuters) (Links)
Reuters - The cost to insure Lehman Brothers debt against default surged on Friday, as its stock price plunged for the second day.
Read Lehman debt protection costs jump as shares dive (Reuters) (Links)
Reuters - Shares of Fannie Mae and Freddie Mac plunged after the market open on Friday, after a New York Times report said the U.S. government is considering a takeover of the housing finance giants amid funding problems.
Read Fannie, Freddie shares plummet on NYSE after market open (Reuters) (Links)
AP - Citigroup will sell its German retail banking operation to France's Credit Mutuel for $7.7 billion in cash.
Read Citi sells German retail banking for $7.7 billion (AP) (Links)
Reuters - A firestorm of anxiety hammered the debt and shares of U.S. mortgage giants Fannie Mae and Freddie Mac for a second day on Thursday as fears mounted over their ability to raise the capital they need to survive.
Read Fannie, Freddie stocks and bonds plummet (Reuters) (Links)
Reuters - Bill Gross, chief investment officer at bond fund manager Pimco, told CNBC on Thursday that the asset manager had not reduced its exposure to Lehman Brothers Holdings Inc in any way.
Read Pimco's Gross says not reducing exposure to Lehman (Reuters) (Links)
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