U.S. stocks snap two-day winning streak, hit by financials

Date: Tue, 12 Aug 2008 17:04:07 -0400

U.S. stocks snap two-day winning streak, hit by financials

U.S. stocks tumble after two days of gains as the financial sector gets
hit by more evidence of ongoing credit-related trouble, with the damage
partially offset by crude's retreat to below $114 a barrel.

Oil ends lower for third session on demand deceleration

Crude-oil futures close at their lowest level in more than three months,
tallying a three-session loss of more than $7 per barrel on concerns
over a deceleration in global oil demand.

UBS reports further loss as wealthy clients withdraw money

Beleaguered Swiss bank reports a second-quarter loss of 358 million
francs ($331 million) and says it will restructure by separating its
investment banking and wealth management arms after nervous clients
withdrew more cash in the quarter.

Economic Report: U.S. trade deficit falls to $56.8 billion on record
exports

The U.S. trade gap narrows by 4.1% to $56.8 billion in June on record
exports and a decline in non-oil imports, according to the Commerce
Department's latest estimate.

Russia orders end to military operations in Georgia

Russian President Dmitry Medvedev orders an end to military operations
in Georgia, saying his country's actions have restored security for
civilians and peacekeepers in South Ossetia.