Citigroup Losses: $3 Billion in 3 Months

THE WALL STREET RALLY CONTINUES, ONE DAY AFTER THE DOW BROKE 10-THOUSAND FOR THE FIRST TIME IN A MORE THAN A YEAR.

THE DOW CLIMBED NEARLY 47 POINTS TO 10-THOUSAND 62
THE NASDAQ SQUEEZED OUT A ONE POINT GAIN.

CITIGROUP DELIVERED A DOSE OF REALITY.
THE BANK LOST MORE THAN 3 BILLION DOLLARS LAST QUARTER AS MORE BUSINESSES AND CONSUMERS DEFAULTED ON THEIR LOANS.

AND GOLDMAN SACHS -- THE HEALTHIEST OF THE BANKS THROUGHOUT THE FINANCIAL CRISIS -- SAID PROFITS TOPPED 3-BILLION.. BUT STILL REPORTED A SLIDE IN ITS INVESTMENT BANKING BUSINESS.

RISING UNEMPLOYMENT HAS MORE PEOPLE DEFAULTING ON THEIR MORTGAGES.

OVER THE SUMMER THE FORECLOSURE RATE SHOT UP MORE THAN 5 PERCENT.. OVERWHELMING A FEDERAL PROGRAM TO ASSIST STRUGGLING HOMEOWNERS.
ACCORDING TO REALTYTRAC, THE FORECLOSURE CRISIS AFFECTED NEARLY 938-THOUSAND HOMES FROM JULY TO SEPTEMBER.

BUT THERE IS SOME ENCOURAGING NEWS ON THE JOB FRONT.
THE NUMBER OF NEWLY LAID OFF WORKERS FILING CLAIMS FOR UNEMPLOYMENT INSURANCE HAS FALLEN TO THE LOWEST LEVEL SINCE EARLY JANUARY.

AND MORTGAGE RATES INCHED HIGHER THIS WEEK, BUT THE RATE ON A 30 YEAR MORTGAGE IS STILL BELOW 5 PERCENT AVERAGING 4-POINT-92 PERCENT.

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