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Traders and investment bankers might have more to worry about than dwindling bonus pools this year as mass firings on Wall Street are set to hit a record.
Stocks fell sharply Wednesday after the latest bevy of big names reporting earnings issued gloomy outlooks or missed their targets altogether. The Dow shed 514.45, or 5.7 percent, to close at 8519.21. The S&P 500 lost 6.1 percent, ending at 896.78, revisiting its Oct. 10 level.
Stocks fell sharply Wednesday after the latest bevy of big names reporting earnings issued gloomy outlooks or missed their targets altogether.
The cruel earnings season for the American worker intensified Wednesday as more companies announced layoffs.
Dan Genter, CIO at RNC Genter Capital Management, told CNBC that it is a good time for investors to put their money into the energy and financial sectors.
In a step that could accelerate a shakeout of the nation’s banks, the Treasury Department hopes to spur a new round of mergers by steering some of the money in its $250 billion rescue package to banks that are willing to buy weaker rivals, according to government officials.
The banks aren’t lending. And despite what you have heard, they probably won’t start just yet.
A management shakeup is expected at Merrill Lynch in the coming days, people close to the firm told CNBC, and changes will include the departure of Peter Kraus, head of strategy at the investment bank.
Critics have labeled the Mad Money host irresponsible and inaccurate, but the market this week proved him right.
Credit-card delinquencies are likely to become the next flashpoint in the credit crisis, though the impact on the economy won't be as severe as the housing slump, analysts say
At least there was some good economic news today: both CPI and core CPI were below expectations, so inflation concerns are indeed receding.
Citigroup is scheduled to report third-quarter results Thursday. The following is a summary of key developments and analysts' opinion related to the period.
Jonathan Vyorst, manager of the Paradigm Value Fund, sees opportunities in financials.
What will the next stage of the downturn be about? It is likely to revolve around the worst slump in worker pay since the Great Depression, says the New York Times.
The chief executives of the nine largest U.S. banks trooped into a gilded conference room at the Treasury Department at 3 p.m. Monday. To their astonishment, they were each handed a one-page document that said they agreed to sell shares to the government, the New York Times reports.
Regulators have stepped up calls since the collapse of Lehman Brothers last month for more supervision of the $55 trillion credit derivatives market to improve its safety and transparency.
That most recent of bailout plans does more than just save us from another Great Depression. Cramer explains.
"I think we’re clearly becoming socialist," says an irate Jeff Macke on Fast Money. "The only bank stocks to own are..."
Stocks ended lower as hoopla over the government's plan to buy stakes in the nation's largest financial institutions died down and worries about earnings crept in. The Dow ended down just 75 points after swinging in an 850-point range. The tech-heavy Nasdaq lost 3.5 percent.
Stocks shot out of the gate Tuesday, a nice chaser to the Dow's biggest one-day point gain in history, after the government announced a plan to buy stakes in the nation's largest financial institutions.