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Stocks fell to a 12-year low Friday after the government announced plans to take a large stake in common shares of embattled Citigroup.
Stocks tumbled Friday and the S&P hit a 12-year low as news of the government's stake in Citigroup and General Electric slashing its dividend stirred worry in the market.
This week, House Financial Services Committee chairman Barney Frank has been the force pushing companies who've received TARP money out of the sports marketing business.
Friday: General Electric (CNBC's parent company) said it'll slash its quarterly dividend 68 percent, saving $9 billion annually. The U.S. agreed to boost its stake in Citigroup to as much as 36 percent. U.S. GDP data was sharply revised downward, with economic loss at 6.2 percent. Experts told CNBC that the market is resisting scary talk from President Obama and Fed Chairman Bernanke — but the recession's end is nowhere in sight.
The credit crisis and downward spiral of the economy can be a drag. But put some pictures or music to it and it can be downright fun. Let’s turn that frown upside down! For your weekend viewing pleasure, a few artistic interpretations of the current hole we find ourselves in.
A Bank of America official told us that for every $1 they spend on sports marketing, they net $3. They also said that out of all the new checking accounts that were opened in 2008, 10 percent of those were attributed to their sports marketing programs.
Fourth Quarter GDP, was revised down to -6.2%, the worst quarter since Q2 1980 when economic "growth" was -7.8%. The revision is a significant move from the -3.8% that was originally reported. Here is a breakdown of where the economy is shrinking most.
Futures started the day lower as investors bailed out of Citigroup, then slipped further after a report showed economic growth slowed more than previously expected.
The Dow fell in volatile trade on Thursday with Merck being one of the biggest drags on the blue chip index, as investors worried that the budget proposal could strangle profits.
It was another down day on Wall Street as health-care stocks tanked amid worries that President Obama's budget will clamp industry profits.
Bank of America is looking to sell First Republic Bank, a private bank it inherited from Merrill Lynch, according to a report by the Wall Street Journal.
Stocks shot up after investors cheered remarks from President Obama that the budget sets aside more money for banks if necessary.
This morning's weekly employment numbers showed initial jobless claims hitting 667 thousand new claims.
US stock index futures pointed to a strong open Thursday as investors grew more comfortable with the government's plans for the nation's banking system. But a pair of dismal economic reports made a slight dent in gains.
Could it be? And if so, will it continue? Cramer says there’s reason to think it might.
The Dow closed lower on Wednesday after President Obama warned of stricter oversight for Wall Street, raising the specter of greater regulation that investors fear could sap profits.
Stocks declined Wednesday as a late warning from President Obama about stricter oversight for Wall Street knocked major indexes off their highs for the day.
Wednesday: As the state of financials continues to worry the markets, Fed Chairman Ben Bernanke said the U.S. has no plans to nationalize Citigroup. Wealthy Americans are suing UBS to keep their names secret (as a $31 billion UBS order went wrong) and Congress is considering a housing bill that'd let judges erase mortgage debt. Experts told CNBC that America needs more infrastructure in the stimulus bill — and that there won't be a recovery until housing improves.
Investors looking to pile back into bank stocks Wednesday drew a warning from investment pros: Watch your step.