(Reuters) - U.S. stocks closed lower on Monday as growing concerns about the subprime mortgage market dragged down shares of Bear Stearns Cos. and Goldman Sachs Group.
Shares of Bear Stearns Cos., which last week bailed out a hedge fund it manages that is heavily invested in subprime mortgages, dropped more than 3 percent after a Merrill Lynch & Co. analyst said the brokerage may need to stump up more cash to rescue a second fund.
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Shares of Bear Stearns Cos., which last week bailed out a hedge fund it manages that is heavily invested in subprime mortgages, dropped more than 3 percent after a Merrill Lynch & Co. analyst said the brokerage may need to stump up more cash to rescue a second fund.
Read more at Reuters Africa
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