US financial stocks saw a stellar rally in recent weeks as the beleaguered sector bounced from an extreme slump. But investors baulked at more buying Monday in the wake of Bank of America’s quarterly earnings results.
These days you might confuse Wall Street for the Wild, Wild West. In fact, head to downtown Manhattan and you’d half expect to see Wyatt Earp swaggering along.
Bank of America CEO Ken Lewis told CNBC he sees no need to raise further capital right now and has plans to sell the bank's credit card business.
The Dow plunged by triple digits on Monday as concerns about the banking industry’s health sent investors scrambling for the exits.
Stocks ended sharply lower Monday as Bank of America earnings and stress-test buzz dragged down financials. The Dow lost about 290 points, or 3.6 percent. The tech-heavy Nasdaq shed nearly 4 percent and the S&P 500 tumbled 4.1 percent.
What to make of the relative strength of Morgan Stanley? The bank is set to report earnings on Wednesday, and on a day when the broader financials are off 11%, with Citigroup and Bank of America off a respective 19% and 24%, Morgan is hanging in there, down only 5%.
The pros all agreed that the days of the market shrugging off bad news are over, and the bear-market rally probably is, as well.
Early earnings reports from the nation's biggest banks are showing that there's still one major hurdle the market needs to overcome: credit worries.
The Dow tumbled on Monday in the wake of Bank of America’s numbers. Are investors just taking profits or is this the end of the line?
In a conversation published today focusing on why he likes Wells Fargo, Warren Buffett told Fortune's Adam Lashinsky: "We own stock in four banks: USB, Wells, M&T, and SunTrust." That raised a question. What about the five million Bank of America shares owned by Berkshire Hathaway as of the end of last year? We now have the answer to the 'mystery' of the 'missing' B of A shares, straight from Buffett himself.
As of this morning, just over 10% of the S&P 500 companies have reported earnings. Here's a look at which companies have had the biggest surprises so far...
Financials continue to lead the weakness today on the heels of Bank of America’s earnings report. In late-morning trading, B of A and Citigroup are now down 15 percent each, while many other regional banks are 11 to 15 percent lower.
Warren Buffett says you should judge a banker by how they bank, not by their speeches or PR: "It's what they do and what they don't do. And what Wells (Fargo) didn't do is what defines their greatness." Buffett tells Fortune's Adam Lashinsky that Wells didn't do "dumb things" just because all the other banks were doing them.
Bank of America reported that first-quarter profit nearly tripled, thanks largely to its purchase of Merrill Lynch. But the financial giant's results also contained a lot of questions that are worrying analysts Monday. CNBC's David Faber reported on these troubling questions.
President Obama’s top economic advisers have determined that they can shore up the nation’s banking system without having to ask Congress for more money any time soon, , the New York Times reported.
European markets and U.S. futures are lower this morning following weakness out of the financial sector as well as some poor outlooks from various U.S. companies.
Although down on the open this morning, the major indices are starting today with 6-week winning streaks behind them. The Dow, S&P 500 and NASDAQ are up 22.70%, 27.25%, and 29.31% over their respective runs. On a percentage basis, the indices are having their best 6-week rallies in years.
Stocks tumbled at the open Monday as investors braced for the next batch of corporate earnings. The Dow dropped more than 100 points, or 1.5 percent in the first few minutes of trading. The tech-heavy Nasdaq lost nearly 2 percent.
Don’t be surprised if the 113th running of the Boston Marathon turns into a sequel for Chariots of Fire. Only this time, it is anyone named Cheruiyot who is on fire. There's four-time Boston winner Robert Kipkoech Cheruiyot, Evans Cheruiyot and Robert Kiprono Cheruiyot.
US stocks looked set to drop at the open Monday as investors braced for the next batch of corporate earnings.