New Century Financial, the troubled subprime mortgage lender, said on Wednesday it voluntarily ended its relationship with mortgage financier Freddie Mac, and that "several" of its own lenders plan to sell loans that had backed $17.4 billion of credit lines.
Stocks erased nearly all of their losses for the year after investors interpreted comments from the Federal Reserve to mean that an interest rate hike is less likely.The S&P 500 and the Nasdaq turned positive for the year, erasing all of last month's selloff, while Dow Jones Industrials is still down slightly for the year.
ABN Amro Holding, the Netherlands' largest bank, said Monday it was in early-stage talks about a "potential combination" with the British bank Barclays. The disclosure came amid reports that Barclays was eyeing a possible purchase of its smaller rival. At Monday's closing stock prices, ABN Amro was worth about $76 billion.
It started with SPDRs and then we got QQQQs, but now people know that all that alphabet soup spells ETFs. Scratching your head? On “Power Lunch Sue Herera unscrambled all the confusion with Lee Kranefuss, the CEO of I-Shares (which is part of Barclays Global Investors.)
Shares of Barclays surged for a second day as speculation mounted that Bank of America could buy it, with a leading analyst saying there would be strong merit to a deal.
A possible banking mega-deal is the talk of Wall Street today. Merrill Lynch is apparently telling clients that Bank of America is interested in acquiring Britain’s Barclays -- a move that would make Bank of America the world's largest bank. To some--the merger makes a lot of strategic sense because of the synergies both sides would bring to the table.
Stocks closed the session higher, after investors spent the day sifting through various economic reports and parsing words from Federal Reserve Chairman Ben Bernanke, who provided a mixed economic outlook.