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Mid-Day Market Recap: Stocks in the Red Despite Housing Data

July 17, 2009 – 7:47 am Markets are in the red on Friday as investors snatch profits after four days of rapid gains. Earnings reports from Citigroup and Bank of America were better than expected, but the former was boosted by its sale of Smith Barney, and the latter was lifted from selling its large stake in a Chinese bank ― one-time gains that don’t provide optimism looking ahead. Earnings from General Electric were better than expected, but markets put more emphasis on its revenue, which dropped 17% in Q2....(read more)