These are unprecedented times. The markets are showing their true animal nature because they are trading on emotions, rather than on technicals or fundamentals.
The Federal government is pushing Citigroup and Wells Fargo to reach an agreement tonight that would avoid a court battle over the two banks' fight for Wachovia, sources have told CNBC.
In breaking news, CNBC’s Charlie Gasparino reveals the FDIC is pushing Wells Fargo and Citigroup to reach a compromise Wednesday night in their fight over Wachovia.
U.S. stock index futures turned positive after coordinated action to cut rates across the globe to fight the danger of the world economy being hit by a depression.
Stocks plunged in the final minutes of trading as comments from Fed Chairman Ben Bernanke failed to soothe this cranky market. The Dow Jones Industrial Average lost about 500 points, or 5 percent, breaching the key 9,500 mark. In the past two days, the blue-chip index has lost nearly 900 points. Bank stocks led the decline, with the S&P financial-sector index at its lowest point since May 1997.
Plus, Cramer defends his sell call.
Bank of America sold 455 million shares at $22 apiece Tuesday, raising $10 billion, a syndicate source said.
Stocks declined after a brief uptick as Fed Chairman Ben Bernanke seemed unable to soothe this cranky market for more than five minutes.
If the FDIC's Sheila Bair "stands behind" its previously announced deal between Wachovia and Citigroup, why did she apparently work behind the scenes to get Wells Fargo involved, asks Portfolio.com?
Cramer lays out how he'd use both the FDIC and the TARP facility to get us out of this market mess.
Wachovia shares are down Monday on "crisis psychology" -- but hedge fund master Bill Ackman of Pershing Square is optimistic. He scooped up a 7 percent stake in Wachovia on the news that Citigroup would buy the troubled financial's banking business. And Wells Fargo's counterbid makes it all even better.
The Dow pared its massive loss in the final hour of trading Monday after fear that the credit crisis is spreading rippled through world markets. The blue-chip index ended down about 370 points, after being down as much as 800 at one point.
The Dow dropped below 9,600 Monday after global markets took a pounding amid fear that the credit crisis is spreading around the globe.
The Dow dropped below 9,900 Monday after global markets took a pounding amid fear that the credit crisis is spreading around the globe.
With the VIX at record levels and the Dow now down another 5%, investors are running for cover. However, there are now enough data points to begin to look at patterns on what has been happening after these big drops.
Disgraced CEO Richard Fuld, who oversaw the demise of venerable Lehman Brothers that helped tip the credit crunch into a full-blown crisis, will testify at a congressional hearing this week.
Their times and personalities are vastly different, but J. Pierpont Morgan’s role in the Panic of 1907 has its echo in Warren E. Buffett’s actions during the current financial troubles, says the New York Times.
As the credit crunch weighs on the financial services sector, credit card issuers are tightening lending terms with consumers, from lowering borrowing limits to closing dormant accounts, to lower their risk profile.
The Dow dropped below 10000 Monday after global markets took a pounding amid fear that the credit crisis is spreading around the globe.
Wall Street was set to plunge at the open Monday as a $700 billion plan approved by Congress on Friday failed to restore confidence in the global banking system.