There's a Wolf on 92nd Street! Panic in the Hamptons! Raj Mahal finds some strange signs of a market top.» Read More
While bank stocks are getting killed, the cost of insuring their debt is going down, Peter Boockvar at Miller Tabak notes.
The government rescued Bank of America on Friday through a $20 billion bailout and a guarantee for almost $100 billion of potential losses on toxic assets.
Like everyone in America yesterday, I watched intently as US Airways Flight 1549 crew and passengers were rescued from the frigid waters of the Hudson River. It is truly a miracle that so many ferries were nearby and all got out with nary a bump or bruise. A similar event took place yesterday in the markets.
I noted earlier this week that one of the reasons the market has been drifting lower recently was the Street was in the process of lowering expectations for the second half of 2009 and that's what B of A CEO Ken Lewis essentially did this morning.
Futures rallied on the back of the Bank of America bailout Friday, with investors hoping the government will do all in its power to save big institutions from collapsing.
Earnings news from Citigroup and Bank of America are the big hurdles ahead of Friday's opening bell.
The market seemed to shrug off bad news from two major banks and Apple. So is the bottom?
All passengers on a U.S. Airways jet that crashed into the frigid waters of the Hudson River off New York City on Thursday have been safely removed from the plane, according to the Federal Aviation Administration.
The Dow closed modestly higher on Thursday after investors brushed off negative sentiment and turned hopeful that falling oil prices might spur business and consumer spending.
Major indexes declined Thursday as investors digested the latest round of earnings and layoff news. Bank of America skidded amid news that the bank is going back to the government for help, while JPMorgan ticked higher after beating earnings estimates.
A lot of short-selling investors seem to be, well, banking on it. But does Cramer think it will happen?
More TARP money will have to be thrown at banks to avoid a systematic financial breakdown, economic experts said on Squawk Box Thursday. Bank of America, whose once estimated $50 billion acquisition of Merrill Lynch has now dropped to a $19 billion deal, is among the banks that will need more money.
The selloff in Bank of America and Citigroup may just be the beginning. Analysts now are predicting that the same problems hitting those two big banks will soon spread to the entire industry.
What a difference three months doesn't make. Though the current financial situation isn't as dire as late September, Happy New Year has quickly turned into deja vu.
Troubles at some of biggest US banks is merely setting the tone for what is likely to be another disastrous year for the industry.
Why is the Street so bummed out about a report that Bank of America will be seeking more TARP money to cover losses in Merrill Lynch?
I was talking with one of the traders at the NYSE Commissary this morning, and we agreed that last year's fourth quarter was like dying by being thrown out of a plane: it was terrifying and exhilarating at the same time. This year is like dying of consumption.
Stock futures pared their losses after a round of economic data came in more or less as expected. Bank of America skidded amid news that the bank is going back to the government for help, while JPMorgan ticked higher after beating earnings estimates.
Yesterday's 250 point sell-off in the Dow was the sixth day in a row of losses, the longest losing streak since October 10, 2008 when the Dow lost 22% over an eight day stretch. Since the start of the year, the Dow is down 6.6%, its worst Jan 1 - Jan 14 stretch ever.
Thursday's markets will face JP Morgan earnings, producer inflation data, weekly jobless claims, and the current quarter's first economic headlines in the Philly Fed's report and the Empire state manufacturing survey. Europe's central bank decides on interest rates before the New York open, and Congress will vote on releasing TARP funds to aid the ailing banking sector.