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The financial sector got a boost early this morning with good earnings from JP Morgan (JPM). But later got a shot in the foot when Punk Ziegel downgraded the brokerage sector. Financial sector remains in the spot light today.
The Wall Street Journal is reporting that mortgage lenders Countywide Financial, Option One Mortgage, and First Franklin Financial will stop issuing loans with ties to the sub prime lending industry. Most notably mentioned are the 2/28 type loans, which carry the highest risk.
Pfizer (PFC) released earnings this morning and they missed the analysts estimates.
European and Asian stocks are down fairly substantial this morning.
Today we have Fed Chief Ben Bernanke speaking to the US Congress. The markets will be listening closely!
Futures are currently down.
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