S&P futures dropped 5 points on the reported death of Benazir Bhutto after a suicide bombing at a rally in Pakistan, then an additional 2 points as the durable goods report was below expectations. But according to MasterCard SpendingPulse, total U.S. retail sales, excluding automobile sales, rose 3.6% for the holiday season so far.
Citigroup may need to slash its dividend 40 percent to preserve capital, and with Merrill Lynch and JPMorgan Chase may write off $33.6 billion of debt this quarter as the global credit crunch deepens, a Goldman Sachs analyst said.
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U.S. stocks managed a largely flat close Wednesday -- despite disappointing holiday retail news -- as the battered financial sector and energy companies gave a boost to the broader market.
Merrill Lynch shored up its capital base by as much as $7.5 billion after selling a stake to Singapore's government and an asset manager, and unloading much of a lending business, as it wrestles with huge subprime mortgage losses.
Christmas Eve brought glad tidings to Wall Street, with holiday cheer emanating from the battered financial sector and spreading through the market.
Merrill Lynch said it plans to sell most of its Chicago-based capital lending business to General Electric and will boost its capital by raising up to $6.2 billion in a private placement.
Saudi Arabia plans to establish a sovereign wealth fund that may exceed $900 billion, which would likely be the largest in the world, the Financial Times reported on its Web site without naming sources.
Bad home loans sparked a bear market in bank stocks this year. How will the credit crisis evolve in ’08?
A last minute buying spree on Wall Street could give the stock market a surprise bounce before the end of the year. "I think we're in for a real ramp up," says Jim Cramer.
Major banks have abandoned plans to set up a bailout fund for subprime-related debt, mainly because not enough banks were willing to participate.
Merrill Lynch is the topic today: As Morgan Stanley and Bear Stearns have both taken substantial writedowns on their mortgage-related portfolios, there is speculation that Merrill will also be taking writedowns when they report in January.
With losses mounting, Merrill Lynch, the nation's largest brokerage firm, is turning to Asia for financial help.
Stocks closed higher as a rally in technology shares helped offset more uncertainty in the credit markets and troubling economic signs.
Citigroup has dismissed about 30 employees in its structured credit group which helps put together collateralized debt obligations, a source familiar with the matter said.
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Stocks closed lower as fears that inflation was hampering holiday gift-buying combined with wider concerns about the state of the economy.
Treasury Secretary Henry Paulson said Monday that moves by some big banks to bring off-balance sheet investments tied to subprime mortgages back onto their books would help ward off a widespread credit crunch.
Last Friday, Citi put out an "Equity Strategy" report which highlighted 70 companies with "A Long History of Dividend Payment/Growth." These 70 stocks met the following criteria:
As we enter the final stretch of 2007, the stock market may temporarily lose some of its violent mood swings and secure gains for the month and the year.