Bank Of New York Mellon on Friday reported fourth-quarter net income of $831 million.» Read More
The Dow clawed its way back from a five-and-a-half year low, trading up more than 250 points heading into the final half hour of trading. The VIX, a gauge of fear in the market, soared to a new record above 80.
Stocks turned lower after a drop in mid-Atlantic manufacturing in October and an unexpectedly sharp rise in oil inventories. The Dow hit a 5 1/2-year low, while the VIX, a gauge of fear in the market, soared to a new record above 80.
Stocks turned lower after reports showed more declines in the US industrial sector.
Futures popped higher Thursday after a tame inflation report and lower-than-expected reading on weekly jobless claims.
At least there was some good economic news today: both CPI and core CPI were below expectations, so inflation concerns are indeed receding.
The financial crisis slows business activity and pressured margins, but the company still managed to beat analysts' EPS expectations.
Jonathan Vyorst, manager of the Paradigm Value Fund, sees opportunities in financials.
The chief executives of the nine largest U.S. banks trooped into a gilded conference room at the Treasury Department at 3 p.m. Monday. To their astonishment, they were each handed a one-page document that said they agreed to sell shares to the government, the New York Times reports.
That most recent of bailout plans does more than just save us from another Great Depression. Cramer explains.
"I think we’re clearly becoming socialist," says an irate Jeff Macke on Fast Money. "The only bank stocks to own are..."
Stocks ended lower as hoopla over the government's plan to buy stakes in the nation's largest financial institutions died down and worries about earnings crept in. The Dow ended down just 75 points after swinging in an 850-point range. The tech-heavy Nasdaq lost 3.5 percent.
The Bank of New York is expected to be named the master custodian firm overseeing the Treasury Department’s bailout fund, the New York Times reports.
The government is starting to purchase stakes in financials, so should investors follow suit? Michael Cuggino, manager of the Permanent Portfolio Fund, says yes.
The US government outlined three new initiatives to aid financial institutions amid a historic credit crunch that has frozen lending around the world.
Today, the US Treasury, the Federal Reserve, and the FDIC announced measures to stabilize the financial markets, to build capital to increase the flow of financing to U.S. businesses and consumers, and to support the U.S. economy.
Stocks shot out of the gate Tuesday, a nice chaser to the Dow's biggest one-day point gain in history, after the government announced a plan to buy stakes in the nation's largest financial institutions.
Wall Street looked set for another rally Tuesday, after the Dow recorded the biggest one-day point gain ever on Monday, as world markets continued to surge.
Stocks will take their cue from credit markets in the week ahead and whether they are responding to any of the government's efforts to thaw the glacial credit freeze.
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.