The investors said Citigroup looked askance at the loans' "abysmal performance."» Read More
Cramer's confident those mid-July lows won't be breached. Here's why.
Another week full of challenges for the stock pickers, another week of brave and ingenious stock picks.
Stocks rallied Friday as a more than $4 a barrel drop in oil prices offset the drag of Fannie Mae's earnings miss. It's going to be the same story next week: Energy prices. Even if there are disappointments in CPI or Wal-Mart's earnings, investors are expected to overlook them as the drop in gas prices puts more money in consumers' pockets.
For the week ending Friday, August 8, 2008, the U.S. markets ended the week on a positive note, cheered by a retreat in commodity prices, a Fed’s decision to keep rates steady at 2%, better-than-expected results in pending home sales, and a stronger dollar.
Swiss bank UBS has agreed to buy back $19.4 billion of debt securities whose value collapsed during the global financial crisis and to pay $150 million in fines to settle charges it misled investors, Massachusetts' top securities regulator said.
There are notable shifts occurring in the stock market on the dollar rally/commodity drop this week.
Stocks rallied Friday as a more than $4 a barrel drop in oil prices helped offset the drag of Fannie Mae's earnings miss.
Stocks rallied Friday as a more than $3 a barrel drop in oil prices helped offset the drag of Fannie Mae's earnings miss.
Despite markets' downtrends, Julius de Kempenaer from Talergroup said the worst is over for the financial sector.
Stocks ticked higher Friday as a more than $2 a barrel drop in oil prices helped offset the drag of Fannie Mae's earnings miss.
Melissa Lee reports a breaking story linked to Citi's settlement and buyback of auction rate securities during tonight's "Fast Money." In an after-hours announcement, another Wall Street giant, Merrill Lynch, stated it too would buy back auction rate securities from its retail clients, who currently hold $12B of those questionable securities.
"[The] stock market: a loser across the board. It was a loser early, it stayed a loser and became a bigger loser as the day went on," Dylan summed up Thursday's trading with that one statement, as AIG and Wal-mart lead the Dow's one-day, 225-point dive. A few lone tech stocks were the only winners in an otherwise distressed market. Adding to the bearish environment was the morning's new jobless claim numbers, the highest reported in several months.
Citigroup will buy back more than $7 billion in auction-rate securities and pay $100 million in fines as part of settlements with federal and state regulators, who said the bank marketed the investments as safe despite liquidity risks.
Stocks could trip up on more bad news from the financial sector Friday, but the bigger issue for market direction is whether the commodities selloff continues.
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.