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Bond insurer Ambac saw its triple A rating reaffirmed by S&P Monday but could still be downgraded if details of a proposed rescue plan aren't approved by ratings agencies.
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Standard & Poor's reaffirmed the Triple A rating on the two biggest bond insurers, MBIA and Ambac Financial Group, sparking a rally by both stocks and the market in general.
Stocks closed sharply higher after Standard & Poor's reaffirmed the triple A ratings on two big bond insurers, sparking an explosive rally.
Gold lost some of its luster today after U.S. Treasury Under Secretary David McCormick gave support to the idea of International Monetary Fund gold sales. Earlier today, the Treasury, in a turnaround, said it would support gold sales from the IMF's reserves if they are part of a package reforming the way the organization operates.
More trouble from the financial sector threatened yet again to thwart a mild rally on Wall Street.
Stocks moved into positive territory despite more signs of weakness in the housing market, as Genentech led pharmaceuticals higher.
Dresdner Bank, part of the Allianz insurance group, intends to support a rescue package for U.S. bond insurer Ambac Financial Group with a sum in the low double-digit millions of euros, the head of Dresdner's investment banking operations said on Monday.
An official deal on a recapitalization plan for troubled bond insurer Ambac that could save its triple-A rating is near, as banks worked over the weekend to forge it.
As of Friday, 441 (just under 90%) of the S&P 500 companies have reported earnings. Here's a look at which companies have had the biggest surprises so far...
Qatar's prime minister, who heads the country's $60 billion sovereign wealth fund, said he favors investing in European over U.S. lenders because U.S. bank stocks are likely to fall further.
Citigroup earlier this week agreed to provide $500 million in credit to one of its troubled hedge funds, the bank disclosed in a regulatory filing late Friday.
Bankers working on the deal to bail out troubled bond insurer Ambac say progress is being made on a recapitalization plan that could save the bond insurer's triple-A rating.
Stocks reversed what had been a down session Friday, with the Dow Jones Industrial Average rising on a CNBC report that progress is being made on a recapitalization plan that could save troubled bond insurer Ambac Financial's triple-A rating.
U.S. stocks tumbled Friday as downgrades on the two biggest home-funding companies dragged on the financial sector.
Meredith Whitney, Oppenheimer & Co.'s banking analyst who was the first to say Citigroup needed to cut its dividend last year, told CNBC the bank would need to cut payouts again and raise more capital.
Societe Generale confirmed a record fourth-quarter loss after absorbing a huge rogue trading scandal that has made France's second-biggest listed bank a potential takeover target.
Stocks snapped a three-day losing streak Wednesday as H-P earnings inspired investors to think long term.
Many on Wall Street believe the stock market will not stabilize until it can do so on the shoulders of a real estate recovery.
BNP Paribas, France's biggest listed bank, posted lower fourth-quarter profits on Wednesday in line with its guidance but said it was confident of growth in 2008.