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PIMCO's Gross Buys $1.5 Billion Of Municipal Bonds and Market Snapshot

Posted by James Breen at 15 March 2008 20:34

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March 4, 2008 – 10:55 am Morning U.S. stocks opened lower on Tuesday after chip maker Intel Corp cut its gross margin forecast, adding to worries about tech sector spending and growth - Reuters The stock market fell sharply in early trading Tuesday as troubling outlooks for Citigroup Inc. and Intel Corp. raised the anxiety level on Wall Street. The Dow Jones industrial average fell more than 100 points at times - NYT Credit jitters dent financial .. click here.

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0 U.S. stocks recoup bulk of losses on Ambac talk By Kate Gibson, MarketWatch Last Update: 3:48 PM ET Mar 4, 2008 NEW YORK (MarketWatch) — U.S. stocks on Tuesday recovered from steep losses on speculation a bailout may be close for struggling bond insurer Ambac Financial Group, but credit jitters lingered after Federal Reserve Chairman Ben Bernanke forecast more home foreclosures. "Everybody says 'Not ..[next].

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Earlier today Reuters reported that "The King of Bonds," PIMCO's Bill Gross, bought $1.5 billion of municipal bonds last Friday. In an e-mail, Gross told Jennifer Ablan and Joan Gralla: We bought $1.5 billion on Friday at very attractive prices that have since improved substantially. According to the Reuters reporters: The $2.6 trillion municipal bond market has become a bargain-hunter's delight, because hedge funds and other players that use leverage were forced to sell billions of ..Read the rest of this post.

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Corporate failures totaled 985 cases last month, compared with 744 cases registered in June in 2006.Debts left behind by insolvent companies fell 12.2 percent from a year ago to 336.43 billion yen ($2.76 billion).All industries registered a rise in bankruptcies compared to the same month a year earlier, with the construction and retail industries recording their highest number of business failures since April 2005.In the first half of the year, 5, 394 bankruptcies were registered, up 16.6 % from the same period a year earlier. Debts fell to 2.573 trillion yen ($21.09 billion), down 8.3 % compared to the first half of 2006.


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