NEW YORK— The U.S. stock market is opening sharply higher, building on gains from the day before after the Federal Reserve indicated it was in no rush to raise interest rates. The market is coming off its biggest one-day rise since October 2013. The Dow Jones industrial average rose 224 points, or 1.3 percent, to 17,580 as of 9:35 a.m. Eastern time Thursday.» Read More
Stocks soared Tuesday, led by financials, as the market breathed a huge sigh of relief following better-than-expected earnings from Goldman Sachs and Lehman Brothers.
Major European stock indexes closed more than 3 percent higher on Tuesday ahead of the Federal Reserve's interest-rate-setting meeting, and after U.S. banks Goldman Sachs and Lehman Brothers reported earnings that beat markets expectations.
Black gold and gold futures are significantly higher after yesterday's rout. Here's what the energy market seems to think will happen: The Fed will cut rates by 75 basis points (maybe even 100, a few think it could be 50). If the cut is as massive as some suspect, the dollar will weaken even further against the Euro and other currencies.
I’m working on a story for TV today about which builders are in the deepest doo-doo after the Commerce Dept. reports single family permits down 6.2 percent in January. Permits are down 30 percent since the August credit freeze and down 57 percent from their peak in September of 2005.
U.S. Treasury Secretary Henry Paulson said on Tuesday the U.S. economy had turned down sharply but declined to label the situation a recession.
Fed policy-makers are expected to make the biggest interest rate cut since 1982, while two major Wall Street firms provided some relief to investors with better-than-expected earnings.
Stocks opened higher Tuesday as investors are anticipating that the Federal Reserve will deliver an unusually large rate cut.
As the credit crunch worsens, the Federal Reserve is becoming more imaginative in its tactics. Wall Street is now betting on a full-point cut in interest rates, to 2%, when the Fed meets Tuesday.
The flagging U.S. economy got more mixed news from its troubled housing sector on Tuesday, while evidence of inflation pressures continued to lurk in the producer pipeline.
European Central Bank Executive Board members stressed on Tuesday the role of the ECB as a guardian of price stability, giving the strong euro only scant mention.
British inflation leapt further above target to a nine-month high in February but the jump was purely due to changes in the way utility bills are calculated, official data showed on Tuesday.
Australia's central bank was still concerned that interest rates might not be high enough to restrain inflation when it hiked rates to a 12-year high earlier this month, minutes of the policy meeting showed on Tuesday.
Enthusiasm for the Federal Reserve's actions to stem the credit crunch propelled the Dow Jones Industrial Average to a higher close Monday, a day when everyone expected a rout due to weekend fire sale of Bear Stearns.
The Dow Jones Industrial Average pared its losses Monday as the sell-off spurred by the fire sale of Bear Stearns wasn't as bad as expected.
Lehman shares tumbled more than 20 percent Monday as Wall Street speculated whether or not it's the ailing banking system's next casualty.
They both relied on the credit markets working properly, and they were both let down. Northern Rock may have been the first, but Bear Stearns sparked fears that the worst is yet to come.
Stocks were lower in early trading Monday as Wall Street digested the fire-sale buyout of an investment banking giant: Bear Stearns. CNBC brought the market pros for their perspective on the fallout.
Stocks plunged at the opening bell Monday as investors were spooked by the cash crisis at Bear Stearns that forced its sale for $2 a share to JP Morgan Chase.
The combination rescue-fire sale package of Bear Stearns happened so quickly and involves so much unknowns about its balance sheet, analysts struggled to put its role in the credit crunch into perspective.