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Stocks closed lower, hurt by rising oil prices and fresh worries about the financial sector, though the market ended off its lows for the day.
A year after financial tremors first shook Wall Street, a crucial artery of modern money management remains broken. And until that conduit is fixed or replaced, borrowers will see interest rates continue to rise even as availability worsens for home mortgages, student loans, auto loans and commercial mortgages, says the New York Times.
Stocks opened lower amid signs that the consumer was buying fewer goods that will cost more in the future.
Stocks closed lower—even though oil fell to $113 a barrel—as a fresh round of warnings about banking troubles squelched the market's week-long rally.
Borrowers with $25.4 billion of option adjustable-rate mortgages owe almost as much as their homes are worth, and one in eight is at least 90 days late on payments, according to Countrywide Financial, the lender bought by Bank of America last month
It’s still pre-season for football, but on Tuesday in New England, the Patriots' stadium will be open. It’s not for football and it’s not for fans -- it’s for borrowers in danger of losing their homes and for the mortgage lenders and banks who hold or service their loans.
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.