Wall Street hit by financials, outlook concerns ยป financialsurfer.com

Wall Street hit by financials, outlook concerns

October 30th, 2009 | Category: Industry News
By Ellis Mnyandu NEW YORK (Reuters) - Stocks slid on Friday as investors worried the economy’s recovery might not be sustainable and financials sank as an influential bank analyst projected a $10 billion write-down for Citigroup. Investors unloaded shares across the board. Wall Street’s favorite measure of investor fear, the CBOE Volatility Index vaulted to 31.25 — its highest level since July. Citigroup fell more than 5 percent to $4.08 after CNBC reported that Calyon’s bank analyst Mike Mayo is forecasting…

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