U.S. stocks close sharply lower; financials pave way

Date: Mon, 28 Jul 2008 17:04:27 -0400
U.S. stocks close sharply lower; financials pave way

U.S. stocks turn sharply lower, as investors lose conviction in the
market's ability to achieve any sense equilibrium. Rising oil prices and
select earnings reports, including a sharp drop for Tyson Foods, eclipse
cheer over a pending rescue plan for Fannie Mae and Freddie Mac.

Four big banks agree to kick-start covered bond market in U.S.

Appearing alongside Treasury Secretary Henry Paulson, representatives of
the four largest U.S. banks agree to kick-start a market for covered
bonds – an alternative way to provide mortgage loans – in the United
States.

Verizon earnings rise 12% on wireless strength

Verizon Communications Inc. posts a 12% gain in second-quarter earnings,
buoyed by robust wireless sales despite a weakening economy.

Toyota cuts full-year sales forecast

Toyota Motor Corp. warns that its full-year sales results are on pace to
fall short of previous targets as a brutal industry slump in the key
U.S. market has more than offset gains around the world.

KKR set to go public in merger with affiliate

Kohlberg Kravis Roberts & Co., which stunned Wall Street with the buyout
of RJR Nabisco in 1989, is about to go public, valuing the
private-equity firm at as much as $15 billion, the company said late
Sunday.