Citigroup, Inc. (C) Downgrade Rattles Wall Street
The Dow and the S&P 500 fell to their lowest levels in three months after trading commenced Monday afternoon. Shortly after a major U.S. broker downgraded Citigroup to a "sell" recommendation, investors showed an overall concerned market sentiment as many more mortgage losses may still lie ahead. Goldman Sachs also contributed to the overall feeling on Wall Street as Goldman recommended that investors sell shares of Citigroup (C), stating that "the bank may have to write off $15 billion as mortgage losses reduce earnings". According to Sam Rahman, a portfolio manager at Baring Asset Management, Inc, "Everybody is expecting there…