Dow sheds 175 points as write-downs weigh on financials

Date: Fri, 11 Jan 2008 17:01:06 (GMT)
Dow sheds 175 points as write-downs weigh on financials

U.S. stocks drop steeply, quickly knocking more than 175 points off the
Dow industrials, as write-downs for American Express Co. and,
reportedly, Merrill Lynch & Co. weigh heavily on the equities market.

Bank of America to buy Countrywide Financial for $4 billion

Bank of America said Friday it's buying Countrywide Financial for $4
billion, confirming rumors that first emerged Thursday, in a move that
will make it the top mortgage lender and loan servicer in the U.S.

Merrill Lynch reportedly facing a massive write-down

LOS ANGELES
The nation's largest brokerage firm, Merrill Lynch & Co., is expected to
report losses of $15 billion stemming from soured mortgage investments,
according to a published report Friday.

Weak December retail sales spark 2008 concern

U.S. retailers reported disappointing holiday sales in December, which
in turn sparked some profit warnings, after promotions, last-minute
shopping and gift-card redemptions failed to turn around lackluster
performance in the largest sales month of the year.

China's trade surplus narrows in December on greater imports

HONG KONG
China's trade surplus contracted in December, narrowing for the second
straight month, as strong domestic consumption and higher commodity
prices led to faster growth in imports.