A judge denied Credit Suisse's proposal to dismiss a lawsuit accusing the banking giant of fraud in selling mortgage-backed securities. USA Today reports.» Read More
KeyCorp, which has been hitting new lows recently, cut its dividend in half and plans to raise $1.5 b in capital. The excuse here is an adverse court ruling on tax treatment, but no one is surprised, nor does anyone think they will be the last to cut dividends.
Stocks tumbled Wednesday as oil's resurgence lit the fuse of inflation fears, pushing the Dow to a three-month low. Oil jumped about $5 a barrel, settling at $136.38. Financials were the hardest hit.
Stocks fell sharply as oil's resurgence fanned inflation fears and a downgrade on Alcoa dragged on the Dow. Oil jumped about $6.
Stocks opened lower as oil's resurgence fanned inflation fears and a downgrade on Alcoa dragged on the Dow. Oil jumped nearly $3, topping $134 a barrel.
Wall Street looked set to open slightly higher on Wednesday, but the energy market could again hijack the stock market with U.S. inventory data arriving later in the morning.
Bank of America has chosen several senior Countrywide Financial executives to help run its mortgage business after the acquisition of Countrywide is completed, the Wall Street Journal reported on Tuesday.
Stocks were mixed as Wall Street sought to regain its footing following Friday's dramatic oil-inspired selloff.
Stocks opened higher as Wall Street sought to regain its footing following Friday's dramatic oil-inspired selloff.
For the first time in a long time, it looked as if oil was going to stay out of the market headlines. No such luck.
The Dow plunged more than 400 points as the sharpest jump in the unemployment rate in more than 20 years and rocketing oil prices sparked concerns about stagflation. Oil jumped more than $11 a barrel to close at a record $138.54.
Stocks finished mixed as investors juggled some encouraging economic news and concerns about the financial sector. Lehman Brothers rebounded, while bond insurers plunged. Oil dropped below $123 a barrel.
Stocks ticked higher amid some encouraging economic data. Lehman Brothers rebounded after a recent slide but financials remained under some pressure ahead of a slew of earnings out of the sector next week. Oil dropped below $123 a barrel.
Stocks opened lower but quickly bounced as investors juggled worries about financials against some upbeat economic news. American Express led Dow gainers. Lehman rebounded, while Bank of America fell. Oil dropped below $123 a barrel.
Bernie McGinn says it's time for the investor to make a deposit in some selected bank stocks -- because the founder of McGinn Investment Management thinks the subprime crisis has run its course.
Countrywide Financial's cumulative losses are likely to rise to between $10 billion and $12 billion, causing mark-to-market writedowns for parent Bank of America, a Merrill Lynch said.
Cash-strapped Americans are ringing up more purchases on their credit and debit cards, but there could be a steep price to pay ahead.
Downgrades of three U.S. investment banks, an ouster of Wachovia's CEO and a bleak U.K. housing outlook reignited fears about the global credit crunch.
The latest shoe to drop came this afternoon when Standard & Poor said it was lowering the ratings of Merrill Lynch, Lehman and Morgan Stanley. Traders, though, say the move was not really a surprise and is trailing the market's view.
.Countrywide will be swallowed up by Bank of America sometime this summer, barring any last minute surprises. How will BofA celebrate? If this YouTube video is any indication, it will involve twisting a U2 hit into something Michael Scott would sing to motivate his staff on "The Office."
Standard & Poor's cut the ratings of Lehman Brothers, Merrill Lynch and Morgan Stanley and said the outlook for large US financial institutions is now mostly negative.