Oil gave up early gains with Brent futures slipping below $48 as a stronger dollar weighed.» Read More
Bank of America Corp. fell$. 11 or. 7 percent, to $15.10. Citigroup Inc. fell$. 15 or. 3 percent, to $47.08. Goldman Sachs fell $2.97 or 1.7 percent, to $175.52.
*Fourth-qtr net income $4.38/ shr vs. est. Jan 16- Goldman Sachs Group Inc reported a 7 percent drop in fourth-quarter profit as an unexpected bout of market volatility in December hit its bond-trading business. Overall, FICC revenue fell 29 percent to $1.22 billion in the quarter, mainly due to low levels of activity in debt products and mortgages, partially offset...
WASHINGTON— U.S. consumer prices fell in December by the largest amount in six years, reflecting another big monthly decline in gas prices and providing further evidence of falling inflation pressures. The Labor Department said Friday that its consumer price index dropped 0.4 percent last month, the biggest one-month drop since December 2008.
Goldman Sachs topped quarterly results, but an unexpected bout of volatility hit revenue in its business that trades bonds, currencies and commodities.
Jan 16- Goldman Sachs Group Inc reported a 7 percent drop in quarterly profit as investment banking revenue slid and an unexpected bout of market volatility in December hit revenue in its business that trades bonds, currencies and commodities. Goldman's net income fell to $2.17 billion, or $4.38 per share, in the fourth quarter from $2.33 billion, or 4.60 per...
NY's top law enforcement official plans to help bring more fraud cases against the world's biggest banks for selling shoddy mortgage-backed securities before the financial crisis.
Oil prices jumped after the International Energy Agency predicted drillers would cut production this year. "Lower oil prices on the whole are supportive of economic growth worldwide," said Jason Pride, director of investment strategy at Glenmede Trust. "They're very helpful for Japan, Europe, China and India.
Bank of America Corp. fell$. 84 or 5.2 percent, to $15.20. Citigroup Inc. fell $1.82 or 3.7 percent, to $47.23. JPMorgan Chase fell $1.82 or 3.2 percent, to $54.99.
*Bank of America, Citi fall after results. *Swiss National Bank scraps three-year-old euro cap on franc. "We're probably going to see slowing in the global economy, and it will be very difficult to sail through a global recession without getting touched," said Scott Colyer, chief executive officer of Advisors Asset Management in Monument, Colorado.
The stock market ended lower Thursday following weaker earnings from banks. Bank of America fell 5 percent after it reported an 11 percent slide in fourth-quarter net income, hurt by a slowdown in trading revenue. The Dow Jones industrial average dropped 106.38 points, or 0.6 percent, to 17,320.71.
NEW YORK— Stocks that moved substantially or traded heavily Thursday on the New York Stock Exchange and the Nasdaq Stock Market:. Bank of America Corp., down 84 cents to $15.20. Best Buy Co., down $5.61 to $34.30.
NEW YORK— Bargain hunting can be a thrill, but remember that it can also be dangerous. After hitting a peak around $107 a barrel in June, the price has dropped by more than half and settled Thursday at $46.25. Supplies are more plentiful due to increased U.S. production, while weak economies in Europe and elsewhere are pulling down on demand.
Stocks fell Thursday, extending losses into a fifth day.
NEW YORK— The stock market is ending lower following weaker earnings from banks. Bank of America fell 5 percent after it reported an 11 percent slide in fourth-quarter net income, hurt by a slowdown in trading revenue. The Dow Jones industrial average fell 106 points, or 0.6 percent, to close at 17,320 Thursday.
NEW YORK, Jan 14- New York's top law enforcement official said he plans to help bring more fraud cases against the world's biggest banks for selling shoddy mortgage-backed securities before the 2008 financial crisis. Eric Schneiderman, the state's attorney general, said some of these banks were involved in the same kind of wrongdoing that has led him since 2012...
Bank of America and Citigroup reported disappointing results Thursday, hit by lower trading revenues and more legal expenses. Like JPMorgan Chase, Citigroup and Bank of America saw drops in their fixed-income trading revenue as client trading activity slowed. Citi said revenue in that part of its business fell to $2 billion in the period, a drop of 16 percent...
NEW YORK, Jan 15- The Federal Home Loan Bank of San Francisco said on Thursday it reached a settlement worth $459 million with certain banks it sued after buying subprime mortgage-backed securities that soured following the housing bust. The banks sued included JP Morgan Chase, Credit Suisse, Morgan Stanley, Countrywide Securities, UBS Group AG, Deutsche Bank...
Banks haven't been able to get their message straight on what exactly is causing the weak profit reports.
Oil prices fell on Thursday after weak U.S. economic data spurred worries over crude oil demand.
NEW YORK— A look at New York Stock Exchange 10 most-active stocks at the close of trading:. Alcoa Inc. rose. 1 percent to $14.97 with 26,064,400 shares traded. Bank of America Corp. fell 5.2 percent to $15.20 with 176,727,500 shares traded.