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Futures were lower after the drop in retail sales came in about double what was expected and as earnings worries escalated.
The Dow fell for the fifth straight day on Tuesday as investors fretted over what many expect will be a gloomy earnings season.
Citigroup has agreed to merge its Smith Barney brokerage unit into Morgan Stanley's brokerage, moving away from the financial supermarket model that Citigroup has followed for the past decade.
Stocks ended mixed Tuesday as tech and oil stocks were buoyed by bargain hunting, but the undercurrent of earnings worry took down the Dow.
Citigroup CEO Vikram Pandit plans to announce in the coming days a major shift away from the "financial supermarket" model that has guided the bank for the last decade.
The Bank Index is sitting right at its November closing low, and many big names — Bank of America, M&T Bank, US Bancorp and others--are already at multiyear lows.
Stocks wobbled Tuesday, paring some gains, though the tech-heavy Nasdaq remained higher.
Citigroup and Morgan Stanley are working feverishly to get a deal for a creating a joint venture out of Citi's Smith Barney brokerage unit completed by today; sources close to the deal say they expect an announcement after today's closing bell.
As investors brace for a dismal earnings season coming out of a turbulent fourth quarter in 2008, here is a look at the best and worst performing sectors so far in 2009.
That's bad news for the banks, though. Cramer breaks down what the president-elect's new TARP rules mean for the financials.
The Dow fell for the fourth day in a row as concerns about massive losses at Citigroup knocked its shares 17 percent lower, dragging down bank stocks...
The Democrats wasted no time distinguishing themselves from President George W. Bush.
Stocks continued their slide Monday as the economy and what is expected to be a horrendous earnings season formed a one-two punch to knock out hopes for a January rally.
Morgan Stanley and Citigroup are in talks to merge their brokerage operations in a deal that could result in Morgan taking over Citi's Smith Barney unit, people familiar with the situation told CNBC.
Calvin & Hobbes, like "Peanuts" or "The Simpsons" or "I Love Lucy", has a certain timelessness. Fifteen years later, a particular C&H classic is making the rounds on the internet.
"The world has certainly changed and the massive growth industry that was Wall Street for the past 20 to 25 years is probably a thing of the past," says one executive.
The latest overall job loss numbers showed a loss of 524,000 jobs in December and the unemployment rate climbed to 7.2%. This is the highest unemployment rate since January 1993. The November payroll numbers were revised to a loss of 584,000. Here is a breakdown of where the job losses were as well as which sectors were adding jobs.
Greg Fleming, co-president of Merrill Lynch and head of its investment banking unit, has offered his resignation to the firm, sources told CNBC, only days after Merrill completed its merger with Bank of America.
Stocks logged their worst loss in about a month Wednesday amid some dismal predictions on the jobs front and as profit warnings started to roll in.
Stocks fell sharply Wednesday amid more dismal news on the employment front as Alcoa announced huge job cuts and Intel slashed its revenue forecast.