Stocks dip on refinance mortgage worries - 2007-02-12
Stocks dropped on Monday as investors worried that weakness in housing and the refinance mortgage industry threatened to slow the economy and corporate profit expansion. Furthermore, dropping oil prices pushed energy shares lower, dragging on the major indexes. Countrywide Financial said foreclosures hit their highest since 2002.
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Paulson optimistic regarding U.S. economy - 2007-02-12
Treasury Secretary Henry Paulson painted a healthy picture of the U.S. economy and said that all countries most do their part for global prosperity, after a meeting of G7 Finance Ministers and Central Bank Governors in Essen, Germany. Mr. Paulson praised the emergence of hedge funds, another topic mentioned at the meeting, due to the benefits they provide to financial markets worldwide, but he cautioned that there are risks involved.
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