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A day of the waiting and warnings.
The sovereign fund Korea Development Bank confirms it in talks with Lehman Brothers [LEHMQ
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] for a possible investment in the troubled US financial firm.
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Trouble is also in the air for mortgage lenders: Fitch Ratings cut its ratings on preferred shares of Fannie Mae [FNM
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] and Freddie Mac [FRE
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], citing concern that if the government-backed lenders can't get access to needed capital, they could be forced to cut their dividends. (As it turned out, that was the least of it!)
What You Were Reading:
- KDB Confirms Talks with Lehman on Possible Deal
- GM Not Optimistic About the Rest of 2008: Exec.
- Has the S&P Ever Lost More Points Than the Dow?
The Dow Industrials jump more than 200 points in early trading after oil prices fall to a five-month intraday low, but optimism did not carry the day.
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The Dow closed down 26.63 points, at 11,516.92; the S&P lost 5.25 points at 1,277.58; and even the tech-heavy Nasdaq slipped 18.28 points at 2,349.24.
What the Experts Were Saying:
Lehman Bros.' CEO Dick Fuld scrambles for deals to buoy the firm. Charlie Gasparino reports.
Dissecting the financials, with Peter Boockvar, Miller Tabak and Eric Ross, Canaccord Adams.
Crude oil volatility, with Mary Novak, Global Insight; John Kilduff, MF Global; and Vince Farrell, Soleil Securities.
- Will the Fed raise rates? Will the dollar continue its slide? CNBC experts weigh in on the year ahead.
- Goldman Sachs has forbidden employees from gathering in private holiday parties of 12 or more.
- Do you have what it takes to run your own business? Ask yourself these questions.
- Heavily armed pirates in Somalia have set up a sort of stock exhange to fund their hijackings.
- Since its launch in 1998, Google has become a primary force on the Internet. How much do you know about the company?
- A famed author has written all his work on an old typewriter that is now up for auction. The NYT reports.
Data is a real-time snapshot *Data is delayed at least 15 minutes