(Bloomberg) -- U.S. stocks erased a rally after a
report that the government is increasing scrutiny of Bear
Stearns Cos.' hedge funds heightened concern that losses in
mortgage-backed bonds will hurt bank and brokerage earnings.
Financial shares have tumbled the last two weeks on
speculation losses from securities tied to subprime mortgages
will deepen. Two Bear Stearns hedge funds nearly collapsed and
forced the firm this week to put up $1.6 billion for a bailout.
Read more at Bloomberg Stocks News
report that the government is increasing scrutiny of Bear
Stearns Cos.' hedge funds heightened concern that losses in
mortgage-backed bonds will hurt bank and brokerage earnings.
Financial shares have tumbled the last two weeks on
speculation losses from securities tied to subprime mortgages
will deepen. Two Bear Stearns hedge funds nearly collapsed and
forced the firm this week to put up $1.6 billion for a bailout.
Read more at Bloomberg Stocks News
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