Bank woes pull financials down; Citi shares under $5
banks and uncertainty over the future of Citigroup Inc. roiled the sector.
ECONOMIC REPORT: U.S. RETAIL SALES PLUNGE 2.7% IN DECEMBER
Weak demand and falling prices give rise to a worse-than-projected
2.7% drop in U.S. seasonally adjusted retail sales for December,
Commerce Department data show.
TIFFANY CUTS FORECAST, POSTS 21% DECLINE IN HOLIDAY SALES
Citing the familiar refrain of a deteriorating global economy and
cautious consumer spending, Tiffany & Co. posted a 21% decline in
holiday sales and again cut its full-year forecast range.
BOND REPORT: TREASURY YIELDS FALL TO LOWEST LEVEL OF 2009
Treasury prices rose, pushing yields to the lowest this year, after a
government report said retail sales dropped 2.7% in December, far more
than expected.
REFINANCE APPLICATIONS HIGHEST IN MBA'S SURVEY
The rush among homeowners to take advantage of lower interest rates
shows no sign of abating, judging from the latest survey data compiled
by the Mortgage Bankers Association.
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