Thursday's midday trade: Wall Street tumbles

Posted by 7Star Friday, January 22, 2010

Wall Street tumbled on Thursday after US President Barack Obama proposed rules aimed at making the financial system safer by preventing the biggest banks from taking excessive risks. "This is going to have a tremendous impact on big-name brokerage firms, like Goldman Sachs and J.P. Morgan," said Ralph Fogel, investment strategist at Fogel Neale Partners in New York.

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