The stock market is under the assumption that the fall out from the sub prime industry and credit markets has hit their bottom. UBS a leading global bank announced a write down of over Nineteen billion in losses for Q-1 of 2008, primarily related to mortgage backed securities. The bank out of Switzerland clearly is having what investors term as a "kitchen sink" quarter with their writedowns. The U.S. stock market receieved the news very favorably as investors believe this news, in addition to some recent postive news in the housing market and the moves of the Federal Reserve are a clear indication that the overall market has bottomed out and will improve in the coming quarters.

 

 

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