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The financial sector took several more body blows as losses from the credit crisis continued to mount at some of the world's biggest banks.
Smaller financial firms have found a way to capitalize on their larger rivals' woes, moving to snap up some of the top talent cast adrift by sweeping layoffs at leading investment banks.
Stocks moved lower off the market opening on a fresh round of bad news for financials and an economic sign that the US consumer was continuing to struggle.
Wachovia increased its previously reported second-quarter loss to $9.11 billion to cover costs to settle a probe of auction-rate securities sales, and said it will cut more jobs as the housing market deteriorates.
With commodity prices coming down, many parts of the market can start their return ascent.
Cramer's confident those mid-July lows won't be breached. Here's why.
There are notable shifts occurring in the stock market on the dollar rally/commodity drop this week.
One year ago, on August 9, 2007, Countrywide filed its 10-Q after the bell. It was the first inkling of the Year From Hell. Which is entering its second year. Problem is, no one seemed to see what was coming.
Citigroup will buy back more than $7 billion in auction-rate securities and pay $100 million in fines as part of settlements with federal and state regulators, who said the bank marketed the investments as safe despite liquidity risks.
Bank of America, the largest U.S. retail bank, said on Thursday it received subpoenas and requests for information relating to auction-rate securities from federal and state government agencies.
Stocks started the month off with a decline as a rise in oil and larger than expected loss from General Motors rekindled worries about the economy.
The markets end the week roughly flat as an increase in oil prices and the highest unemployment rate since March 2004 weighed on stocks, but Financials rallied.
Don’t worry about Thursday’s decline, he says. Here’s why.
The Dow returned to a triple-digit decline as disappointing earnings from a trio of components dragged on the index, as did a disappointing jobless-claims report. The Nasdaq, however, got a boost from a bid for ImClone.
On a down day for the markets and with the exception of the S&P 500, the month of July finished with the major US indices showing modest gains.
Outside investment in a major bank has Cramer thinking we're ready for a turnaround.
Cramer means it when he says it. Our great national nightmare is over.
Bob Doll, CIO of global equities at BlackRock, told CNBC which stocks his firm is buying. Surprise! There're a few financials in the mix.
Stocks rose Wednesday after ADP reported an unexpected rise in private payrolls and the government announced two measures intended to boost liquidity and provide some stability to financial markets.
Merrill Lynch's latest effort to shed its subprime debt could set the standard for a final round of writedowns in the financial sector.