Stocks Rebound After Downgrades Better Than Expected with Morgan Stanley (MS) and Ryder (R) on the Move
Posted on June 22, 2012 at 16:12 PM EDT
Closing out the day... Stocks bounced from Thursday's steep decline, led by financial and health-care shares, following long-anticipated cuts to global banks' credit ratings. Bank stocks were among the early gainers, but the sector cooled off later in the day. Investors continue to monitor events in Europe ahead of a key meeting of European Union leaders next week. Investors had braced for ratings revisions since Moody's said in February that it was reviewing more than 100 global banks. Late Thursday, Moody's cited significant exposure to volatility and risk of large losses from capital markets activities in its ratings cuts. But analysts largely took a positive view, con...(Click the story link or go to http://www.marketintelligencecenter.com for the full story)
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