U.S. stock market futures were trading sharply lower on Friday as debt problems for Dubai spread fear across worldwide markets and traders nervously awaited a shortened Wall Street session after the Thanksgiving holiday.
Futures for the Dow Jones Industrial Average were last down 234 points, or 2.2%, to 10208 after earlier falling by as much as 327 points. Futures for the S&P 500 were down 31.4 points, or 2.8%, to 1077.4, while futures for the Nasdaq 100 fell 51 points, or 2.8%, to 1743.25.
Bank of America refinance mortgage rates are currently at an all-time low. The weekly all-time low that was set back in March of 2009 was 4.61%. We’re currently seeing the 30 year fixed mortgage rate it 4.59%. Over the last few days we have seen the 30 year fixed get as low as 4.55%. Bank of America Corp. (NYSE:BAC, $15.95, -$0.15, -0.93%) fell 3.51 percent to $15.39 on Friday morning pre-market trading session, even on Wednesday, shares of Bank of America declined 0.93 percent and closed on $15.95, BofA rose 3.57 percent in the past one month trading.
Citigroup Inc., the bank owned 34 percent by the U.S. government, said it didn’t offer Brazil a stake in the company amid the credit crisis. Brazilian Energy and Mines Minister Edison Lobao had said Nov. 24 that the New York-based company offered the stake as it sought to raise money — comments that Finance Minister Guido Mantega called untrue later that day. Yesterday, newspaper O Estado de S. Paulo reported that Gustavo Marin, Citigroup’s Latin America president, offered the country a 50 percent stake in the bank’s Brazilian unit. Citigroup Inc. (NYSE:C, $4.17, -$0.04, -0.95%) dropped 4.56 percent to $3.98 on Friday morning pre-market trading session, even on Wednesday, Citigroup shares were down 0.95 percent and closed on $4.17.
Wells Fargo & Co (WFC) and other major banks have been continuing to cut or reduce home equity lines of credit because they are frightened that consumers will default, and it seems that the problem of banks cutting credit lines is beginning to accelerate. Wells Fargo & Company (NYSE:WFC, $27.83, -$0.03, -0.11%) fell 3.02 percent to $26.99 on Friday morning pre-market trading session, even on Wednesday, shares of Wells Fargo declined 0.11 percent and closed on $27.83.
British lender Royal Bank of Scotland (RBS) said it had fine-tuned a deal to win European Union approval for state aid it has received, as it called for investors to vote on its restructuring plan next month. RBS, majority state-owned after receiving a government bailout last year, said the EU deal had been amended so the bank will now cut its loan book through further disposals if it falls short of its 2013 balance sheet target by 30 billion pounds ($49 billion). Royal Bank of Scotland Group plc (NYSE:RBS, $12.03, -$0.12, -0.99%) dropped 6.07 percent to $11.30 on Friday morning pre-market trading session, even on Wednesday, RBS shares were down 0.99 percent and closed on $12.03.
Insurer American International Group Inc. said it has cut the salaries of three top executives to comply with pay restrictions for companies that took federal bailout money, according to a regulatory filing Wednesday. The government has provided AIG with a bailout package worth up to $182.5 billion in exchange for an 80 percent stake in the company. The package includes restrictions on compensation for the insurer’s 100 highest-paid employees. American International Group, Inc. (NYSE:AIG, $34.68, -$0.32, -0.91%) fell 4.3 percent to $33.19 on Friday morning pre-market trading session, even on Wednesday, shares of AIG declined 0.91 percent and closed on $34.68.
Hartford Financial Services Group Inc (HIG) has the operating cash flow of $5.25 billion and a market capitalization of $9.61 billion. UBS upgraded HIG from “neutral” to “buy.” Hartford Financial Services (NYSE:HIG, $25.10, -$0.03, -0.12%) dropped 4.38 percent to $24.00 on Friday morning pre-market trading session, even on Wednesday, HIG shares were down 0.12 percent and closed on $25.10.
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