Bank of America won't need any more government bailout money and hopes to pay back the $45 billion it's received in three years, CEO Ken Lewis told CNBC.
It's buy the rumor on the stimulus package, the Geithner package, and hopes that mark-to-market will be modified.
More companies announced layoffs this week as the employment picture continued to dim. News Corp. became the latest victim of the weakening economy, announcing it is planning on cutting jobs after reporting a quarterly loss on Thursday.
Stocks opened higher as traders shrugged off a huge drop in payrolls and banks soared.
More companies announced layoffs this week as the employment picture continued to dim. GlaxoSmithKline and Tiffany & Co. on Thursday became the latest victims of the weakening economy, each cutting an undisclosed number of jobs.
Futures moved in a 10-point range (up and down 5 points) within minutes of the non-farm payroll reports at 8:30, which reported a loss of 598,000 jobs.
In his latest move to show support of his bank, Bank of America Chief Executive Ken Lewis spent almost a million dollars this week to buy additional shares of his struggling bank.
The latest overall job loss numbers showed a loss of 598,000 jobs in January and the unemployment rate climbed to 7.6%. This is the highest unemployment rate since May 1992. The December payroll numbers were revised to a loss of 577,000. Here is a breakdown of where the job losses were as well as which sectors were adding jobs.
Futures pared their gains after a report showed more jobs were lost in January than expected.
Stocks will take their cue from the jobs report Friday, but it's the news from Washington that could once more drive the market.
The Obama administration plan to be announced Monday envisions a smaller, secondary role for the bad bank concept and will also involve less money than first thought.
Stocks rallied on Thursday on hopes that the government's plan to shore up the financial system could quickly spark lending.
Stocks eked out a gain after a rough morning as banks got a boost from market chatter that the government may suspend a controversial accounting rule blamed for much of the contagion in the financial industry.
Hope for clarity on government programs moved stocks today. Several key events made it clear we are starting to approach the endgame on government programs.
Plus, Cramer discusses fast-food stocks, President Obama's stimulus, the U.S. dollar and more.
Top executives at banks enjoy all sorts of shiny perquisites. Yet despite being propped up by taxpayer bailout money, many banks are not yet ready to give them up. Like bonuses, these extravagances are likely to come under greater scrutiny.
Companies that can, do. The rest? They cost the Dow 122 points on Wednesday. Cramer pays homage to peak performance.
The Dow fell on Wednesday after a glum profit forecast from Kraft signaled consumers are skimping even on the basics.
Stocks turned mixed Wednesday as some disappointing earnings reports cast a pall over a pair of better-than-expected readings on the economy.
Banks are again weakening midday, with all eyes on Bank of America. What's up?