Bloomberg:
U.S. Stocks Advance on Rate-Cut Speculation; Banks Gain. Talk of an emergency Fed meeting. And, Countrywide Taps $11.5 Billion Credit Line From Banks. “The company appears to be readying itself for a ‘nuclear winter’ in the U.S. credit markets, Piper Jaffray Cos. analyst Robert Napoli wrote today in a report. ‘With the combination of the additional capital and the focus on government-sponsored entities and bank-eligible loans, Countrywide is likely to have positioned itself to withstand a prolonged credit crunch.’”
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