US stocks take major hit

Wall Street slid as downbeat news from JPMorgan Chase & Co and other financial companies has increased the market's nervousness about the continuing impact of the credit crisis on the economy.

US stocks take major hit
Tue, 12 Aug, 2008 - 22:59

Wall Street slid as downbeat news from JPMorgan Chase & Co and other financial companies has increased the market's nervousness about the continuing impact of the credit crisis on the economy.

JPMorgan said late yesterday in a regulatory filing it lost $1.5bn (€1bn), after hedges, in its mortgage-backed securities and loans this quarter.

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