Wall Street retreated sharply in early trading Friday, as investors digested more bad news about the financial sector and oil prices rebounded.
Anxiety over the financial sector overshadowed stocks. Late Thursday, Moody's Investors Service after Standard & Poor's and Fitch Ratings downgraded on MBIA and Ambac, the two biggest bond insurers, from "AAA" amid ongoing concerns about their financial health.
Moreover, Merrill Lynch reportedly slashed its earnings estimates for regional banks Friday. And Washington Mutual Inc. announced it was cutting 1,200 jobs nationwide.
Light, sweet crude oil futures rose 3.36 U.S. dollars to 135.29 dollars a barrel on word Israel practiced Iran attack, after a fuel price hike in China caused oil to drop by five dollars a barrel on Thursday.
The Dow Jones fell 138.29 to 11,925.00. Broader indexes also moved lower. The Standard & Poor's 500 index dipped 13.14 to 1,329.69; and the Nasdaq fell 28.00 to 2,434.06.
Source: Xinhua
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