A multi-state task force is probing a total of 12 Wall Street firms, including Citigroup, over how they handled clients' investments in auction rate paper, the Texas state securities commissioner said on Thursday.
AIG reports weak earnings and further write-downs, while GE says the Beijing Olympics will help boost the company's brand image. Following are today's top videos:
Bank of America, the largest U.S. retail bank, said on Thursday it received subpoenas and requests for information relating to auction-rate securities from federal and state government agencies.
Merrill Lynch will follow Citigroup in cobbling together a settlement for clients who bought auction rate securities.
Stocks ended near session lows as oil ended above $120 a barrel and two Dow components missed the Street's targets.
Citigroup agreed to buy back more than $7 billion of illiquid auction-rate securities and pay a $100 million civil fine to settle charges it fraudulently misled investors about the debt's risk.
Since hitting a low in mid-July, the S&P 500 Financials Sector is up nearly 30%. This run up is putting a lot of pressure on short sellers, who have increased their short positions significantly in the past few months.
Stocks pared their losses Tuesday as a sharp rise in crude inventories sent oil prices lower, offsetting disappointment in Freddie Mac's results.
Stocks declined Tuesday, led by banks, after Freddie Mac posted a loss that was much wider than expected and announced plans to slash its dividend.
Stocks failed to capitalize on the momentum of Tuesday's 330-point Dow rally, opening slightly lower Tuesday on disappointing earnings news and an uptick in oil prices.
Citigroup is in talks with state and federal regulators to resolve allegations of wrongdoing in the auction-rate-securities market that could result in its buying back several billion dollars of the illiquid securities, Wall Street Journal said.
With minutes to go before the close, the Dow is up over 300 led by AIG, Boeing, and P&G.
Today on CNBC, Merrill Lynch CEO John Thain gave an exclusive interview, and the chairman of Rosen Real Estate Securities claimed that economic recession has only just begun. What follows are today's top videos:
As of this morning, 377 (just over 75%) of the S&P 500 companies have reported earnings. Here's a look at which companies have had the biggest surprises so far...
That sinking feeling: Kirby Daley, strategist at the Newedge Group, says the U.S. is in recession and he expects a 15 percent to 20 percent drop in the Dow -- in the near future.
Stocks opened modestly lower as economic indicators showed continuing inflation pressures and worries persisted over the state of the financial sector.
The main event this week is the Fed meeting on Tuesday and investors will tune in to see if Bernanke & Co. offer any insight on inflation. Plus, more earnings, including Cisco, P&G and AIG.
And Ben Bernanke was wrong. A year later we look back to see whose strategy was best for this country.
Citigroup on Friday said the U.S. Securities and Exchange Commission has opened a formal probe into possible violations of federal securities laws in connection with the sale of auction-rate securities.
Forget capitulation -- it's time to buy equities! Arthur Cashin of UBS offers CNBC a sample of what traders are saying -- straight from the trading floor.