U.S. stock indexes close with weekly losses of more than 2%

Date: Fri, 14 Dec 2007
22:06:08 (GMT)
U.S. stock indexes close with weekly losses of more than 2%

NEW YORK
U.S. stocks fell Friday, with the major indexes slammed by their worst
weekly drop in five weeks, as rising inflation fed investors' fears
about the economy, while reducing the odds of another Federal Reserve
rate cut next month.

Citigroup to take $49 bln of SIV assets onto balance sheet

BOSTON
Citigroup Inc. shares fell 1% on Friday as investors digested news the
banking giant will take $49 billion worth of assets from several
investment vehicles that have been damaged by the credit market crisis
and add them to its own balance sheet.

Senate passes mortgage-relief bill
WASHINGTON
The Senate on Friday approved legislation that would make it easier for
homeowners facing potentially higher mortgage payments to get help from
the government.