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The stock market faces a critical test this week!


The stock market will face a slew of corporate earning reports from the first quarter this week.

The stock market could be very interesting to watch this week as a number of major banks release their earnings. After the collapse of Bear Stearns earlier this year most analysts already believe that the financial sector will continue to show disappointing numbers from the ongoing strain caused by the credit markets. Recent reports indicate most believe that banks have only written off fifty percent of the necessary losses they have faced from damage directly due to the sub prime mortgages mess and sharp decline in U.S.. home values. This week we will see first quarter reports from industry leaders such as Citigroup, rumored to have lost as much as three billion dollars in the first quarter In addition Etrade, Merril Lynch, Wachovia and a number of other key banks will reveal the damage they felt during the first quarter. The stock market sold off to end the week on disappoint news from G.E. and could be under similar pressure if we seen poor results and lack luster guidance from the key banks this coming week. Mortgage rates are likely to continue to hover around six percent, feeling pressure from falling bond prices and increased spreads with mortgage backed securities.

4-14-2008 ? LoanNetwork.com





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