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Stocks erased early gains on Friday after more weak home sales data hit the market.
The effects of the credit crunch were visible once again today as The Wall Street Journal reported a number of banks were considering selling "everything from branches to entire units."
The report mentioned Citigroup (C | Quote | Chart | News | PowerRating) and HSBC (HBC | Quote | Chart | News | PowerRating), as well as covering recent asset sales by Merrill Lynch (MER | Quote | Chart | News | PowerRating), Morgan Stanley (MS | Quote | Chart | News | PowerRating) and UBS (UBS | Quote | Chart | News | PowerRating).
Berkshire Hathaway (BRK.A | Quote | Chart | News | PowerRating) announced plans to start a bond insurer, which sent the shares of MBIA (MBI | Quote | Chart | News | PowerRating) and Ambac Financial (ABK | Quote | Chart | News | PowerRating) sharply lower.
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