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The financial-driven rally lost steam, leaving stocks mixed, as oil rebounded and the Philadelphia Federal Reserve reported weaker-than-expected manufacturing activity in its region.
Stocks continued to rally Thursday, fueled by better-than-expected housing data and after three Dow components beat earnings forecasts.
JPMorgan Chase's stock soared after second-quarter profit fell more than 50 percent, hurt by $1.1 billion in write-downs at its investment bank, but the results beat expectations.
Should you buy beleaguered bank and broker stocks ahead of earnings? You might be surprised what the options action suggests.
Wells Fargo led U.S. bank shares to big gains Wednesday after reporting a surprisingly high profit and increasing its dividend.
The SEC issued its emergency ruling against naked short-selling Tuesday to build investor confidence regarding market information, SEC Chairman Christopher Cox told CNBC.
Wells Fargo, the fifth-largest U.S. bank, reported better-than-expected quarterly results and raised its dividend despite a 23 percent decline in profit caused by a surge in bad loans.
U.S. securities regulators issued an emergency rule Tuesday to limit certain types of short selling in major financial firms, including Fannie Mae and Freddie Mac.
Stocks closed lower following a zig-zag day marked by a plunge in oil and a barrage of statements and news from economic policy makers, and a resurgence for the beaten-down financial sector.
The two most significant financial stocks of the moment--Fannie Mae and Freddie Mac, both remaining down but are also well off their lows. Still, this is still a weak day, with three stocks declining for each advancing.
Stocks fell sharply after Federal Reserve Chairman Ben Bernanke issued a dour forecast ahead for the US economy, saying more hard times are on their way that will pose a major challenge to policy makers.
The NASDAQ has also hit a new two year low. If this continues, we are heading toward a 90 percent downside day, where 90 percent of the volume is on the downside, one of several that have occurred in the past few months.
With the Dow at levels not seen since July 2006, today's weak economic data is weighing further on the markets.
U.S. Bancorp posted a larger-than-expected 18 percent decline in quarterly profit due to mounting housing-related credit losses, and said that tough economic conditions will cause more loans to go bad.
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The Dow slipped on Monday as investors worried that plans to shore up the government sponsored mortgage companies won't be enough. What's the "Word on the Street?"
Stocks finished lower, led by financials, as investors worried that the bailout of Fannie Mae and Freddie Mac might not be enough to prevent further turmoil in financial markets.
Futures were up pre-open, we started strong...and then faded away. It is not a good sign that financials--the very group that was supposed to be helped by the Fannie/Freddie news--are flat to down.
Most felt that the feds had no other choice, that these two firms really were too big too fail. So now Fannie and Freddie can borrow from the Federal Reserve's discount window. Treasury will pursue increasing the credit lines the companies currently have, and will consider an equity investment.