Following are the day’s biggest winners and losers. Find out why shares of Newmont Mining and Altria popped while The New York Times and Palm dropped.
Even on Inauguration Day, companies continued to announce layoffs, reinforcing the challenges facing Barack Obama.
The selloff in Bank of America and Citigroup may just be the beginning. Analysts now are predicting that the same problems hitting those two big banks will soon spread to the entire industry.
Stocks ended a dismal week on an up note as investors took some defensive positions in stocks like McDonald's amid nagging worries about the health of banks.
For the week: Dow down 3.7 percent, S&P 500 down 4.5 percent, NASDAQ down 2.7 percent. The good news was that, on an options expiration day, most major sectors were to the upside.
Corporate layoffs have soared since New Year's. On Friday alone, GE, Pfizer, AMD, Wellpoint and Hertz announced big cuts.
I've been asked repeatedly what is going on in U.K. banks, with double digit declines in Royal Bank of Scotland spacer , Barclays spacer , and single digit declines in Lloyds. The answer is, shareholders in those companies have the same fears that shareholders of large banks here do.
Stocks were back up in a yo-yo session as investors took some defensive positions in stocks like McDonald's amid nagging worries about the health of banks.
Futures rallied on the back of the Bank of America bailout Friday, with investors hoping the government will do all in its power to save big institutions from collapsing.
Following are the day’s biggest winners and losers. Find out why shares of Fortress Investment Group and Infosys popped while Sony and Barclays dropped.
The Bank Index is sitting right at its November closing low, and many big names — Bank of America, M&T Bank, US Bancorp and others--are already at multiyear lows.
The board members of the Federal Reserve Bank of New York weighed who will become its next president over the weekend, interviewing candidates and meeting to discuss them, people briefed on the conversations said.
IndyMac Bancorp, one of the largest banks to fail as a result of the subprime mortgage crisis, is close to being sold to a consortium of private equity and hedge fund firms in a complex deal partly financed by the federal government, the New York Times reports.
The S&P 500 rose on Friday after the U.S. government said it would throw a $17.4 billion lifeline to automakers grappling with falling consumer demand.
Standard & Poor's lowered the credit ratings and outlooks for 12 major U.S. and European banks Friday, including Goldman Sachs and Bank of America, citing increasing industry risk and a deepening economic slowdown.
Drugmaker Bristol-Myers Squibb became the latest big company to announce layoffs, saying it will eliminate another 10 percent of its work force through 2010.
This week brought a slew of layoffs, including Dow component Bank of America, which said its planned job cuts may grow to 35,000 over three years after it completes its purchase of Merrill Lynch.
Sony became one of the latest companies to announce layoffs in attempt to rein in costs and weather the weak economy.
Further layoffs on Monday from big market names, including a component of the Dow Jones Industrial Average an American business icon, added to employment gloom.
The latest job cuts in the banking sector come amid an overall wave of layoffs across the United States as companies move to cut costs in the face of slackening demand and a general economic downturn.