CNBC’s Margaret Brennan - Today is the deadline for troubled mortgage lender Countrywide Financial to respond to a subpoena from the Florida Attorney General. He is seeking descriptions of the company’s loan underwriting for the last three-years along with copies of instructions that Countrywide gave employees and had to speak with customers.
On the economic front there aren’t any US reports scheduled for today. But we will see the Treasury Department’s auction of 3 and 6-month bills and its sale of 4-week bills.
St. Louis Federal Reserve Bank President William Poole will speak about the US economy tonight. Last month, he told the group of financial planners that 2008 should be a year of rising growth.
We are looking for quarterly earnings today from Hasbro and the Loews Corporation, and the economic agenda will kick off tomorrow with the release of the General US Treasury budget. The rest of the week brings reports on retail sales, business inventories, consumer sentiment and the trade deficit.
We will also get the all-important weekly surveys on oil and gas supplies and first time claims for jobless benefits. The Dow closed its Friday’s session at 12,182, down 65 points and the Nasdaq was up 12 points at 2,304.