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.
If so, it could spark a marketwide rally, Cramer says.
Stocks closed higher, led by technology shares, ending the a holiday-shortened week in the positive.
Stocks moved higher on positive earnings in technology and a report that inflation appeared to be moderating.
Hating your loan officer is so last year. J.D. Power sees a rise in customer satisfaction in applying for home equity loans or lines of credit. Customer happiness about the experience is up nearly 2 percent since 2007--to 780 on a scale of 1,000 points. That would be a C+/B- if I was handing out a grade.
Is this a once in a generation chance to buy financials?
Stocks closed with solid gains, though well off their highs, amid strength in the financial sector and a big decline in oil prices.
Stocks turned higher, pushed upward by credit card companies despite some less-than-stellar economic reports and news that oil supplies took a dramatic and unexpected slide.
Inflation appears to be escalating sharply throughout Russia, India and other emerging markets. Fortunately, Tim Seymour may have found a safety zone.
Bank of America is now saying Sambol will not stay on. The bank is opting for Barbara Desoer, someone with "deep roots in the Bank of America culture," according to Dow Jones. The newly combined mortgage business will still be based at Countrywide's Calabasas headquarters, but, like Mozilo, Sambol won't be there.
Bank of America plans to exercise part of an option to buy shares of China Construction Bank, investing $1.86 billion and raising its stake in China's second-largest bank to 10.75%.
The Dow ended higher Tuesday led by technology companies as a sharp drop in crude oil prices rekindled hopes of increased consumer and business spending on tech gear...
Stocks closed with solid gains, led by technology companies such as Apple, as investors bet that a sharp drop in crude oil prices will help shore up consumer and business spending on tech gear.
Housing will eventually rebound, Cramer says. It's oil that's the real scourge of the economy now. Also, his favorite momentum plays.
U.S. thrifts are being urged to set aside more money for bad mortgage loans after reporting record loan loss provisions totaling $7.6 billion in the first quarter due to the deteriorating American housing market, the Office of Thrift Supervision (OTS) said Tuesday.
Oil's relentless ascent finally pushed stocks over the edge, abruptly snapping the market's two-month rally. The Dow dropped 3.9% for the week, dragged down by GM's 15% decline. Crude jumped $6 this week, settling at $132.19 a barrel. All U.S. financial markets are closed Monday.