Ringing today's opening bell are The Bank of New York Mellon CEO Gerald Hassell and “Hamilton” Biographer Ron Chernow, at the NYSE; and Sensus Healthcare CEO Joe Sardano, at the Nasdaq. » Read More
Even as policy makers worked on details of a $700 billion bailout of the financial industry, Wall Street began looking for ways to profit from it, reports the New York Times.
For the historic week ending Friday, September 19, 2008, the major U.S. Indices managed to close mixed and almost flat after one of the most volatile trading weeks ever, driven by the collapse of investment bank, Lehman Brothers, enormous government actions around the globe, and billion dollar deal making. In one week, the government bailed out AIG, pumped funds into money markets, and banned short selling of financials - all while keeping the Fed Funds target unchanged and taking unprecedented actions to halt the liquidity crisis. The CBOE Volatility Index (VIX) surpassed the benchmark level of 30, hitting an intraday high of 42.16 on Thursday, its highest level since 10/2002. The major indices were all up and down +/- 3% for 4 of the past 5 days. The Dow posted a 2 day point move of more than 778 points as of Friday’s close, after plummeting 811 between Monday and Wednesday and hitting 10,609.66, its lowest level since 11/9/2005. On Friday, The Nasdaq Composite recorded a 2-day point move of greater than 175 points after it closed down 109.05 points on Wednesday, its first triple digit decline for one day since it began trading after the 9/11 attacks. The S&P 500 flirted with record territory closing up 98.7 over the last two days, marking its biggest 2-day point move since 3/16/2000, the largest 2-day point move ever.
Stocks whipsawed back into positive territory after regulators in the US and Europe took aim at short sellers and progress continued toward resurrecting the Resolution Trust Corporation to dispose of bad bank assets.
Lehman falls, Merrill is sold, and more fallout is likely ahead. Wall Street has likely changed forever, says the New York Times.
Attention Starbucks shoppers, there’s an early bird special over by the pastry counter. But only for the next 15 minutes, so better hurry! Sound far-fetched? Maybe not.
Oil prices will be the trigger for stocks in the week ahead. The Fed meets Tuesday and as usual, traders will watch for nuances in the Fed's post-meeting statement.
Following are the day’s biggest winners and losers. Find out why shares of Harley-Davidson and Capital One popped while eBay and Yum! dropped.
The two factors moving the market today were 1) the drop in oil, now down almost 10 percent in two days, and 2) the rally in financials.
But the housing sector needs a merger before that happens, Cramer says.
Cramer makes the call on viewers' favorite stocks.
After hours Morgan Stanley recommended investors buy Lehman Brothers stock and set a price target of $31. What's the "Word on the Street?"
Overstock.com and its outspoken leader are going after some big fish on Wall Street. Overstock Chief Executive Patrick Byrne has filed a $3.4 billion lawsuit against brokerage firms alleging a “massive, illegal stock market manipulation scheme.” The suit has left some power players fit to be tied, including Marketwatch.com columnist Herb Greenberg. As fate would have it, our cameras were rolling on Greenberg's fit.
The Dow fell sharply on Monday after S&P jolted three leading U.S. banks with downgrades and Wachovia ousted CEO Ken Thompson. What's the "Word on the Street?"
Financials came under pressure Monday after Wachovia ousted CEO Ken Thompson. Which other banks could also go lower?
Joe Keating, CIO of private asset management at RBC Bank, picked stocks for graying Boomers. Plus: Web-Exclusive picks -- not on TV!
The judge presiding over Russia's $22.5 billion lawsuit against the Bank of New York Mellon insisted on Tuesday the case move toward a quick conclusion after more than a year of procedural delays.
Stocks finished flat Monday as concerns about the Federal Reserve's rate decision in a couple of days kept a lid on activity generated by merger buzz.
Stocks ticked higher Monday amid merger buzz but index gains were modest as the market awaits the Federal Reserve's rate decision later this week.
Morgan Stanley analysts Monday told clients to "sell the rally" in financial stocks, slashing forecasts for big bank earnings and warning that the current credit crunch is only just beginning.
Want to position your portfolio for the recovery? Then fly in the face of the crowd calling for big-cap equities. So says William Greiner, chief investment officer of UMB Asset Management. He told CNBC he believes the U.S. is already in a recession -- and says the best thing to do is buy small-cap stocks.