Any hope for Wall Street? Yes, says S& P

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Any hope for Wall Street? Yes, says S& P


By Jon Nones
Standard & Poor's Ratings Services estimated that writedowns of subprime asset-backed securities could reach $285 billion globally, up from a previous $265 billion projection.

However, the S&P said, "the end of write-downs is now in sight for large financial institutions," giving investors fresh hope that the mortgage and credit crisis may not worsen.

The Dow was last trading up 31.02 at 12,141.26, the S&P 500 index rose 5.65 to 1,314.42 and the Nasdaq rose 16.45 to 2,260.32.

This followed massive liquidations in morning trading, when the Dow Jones industrial average fell as much as 192.78 points to 11,917.46, the Standard & Poor's 500 index lost 21.84 to 1,286.93 and the Nasdaq composite index fell 31.42 to 2,212.45.

By Arrangement with Resource Investor