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A late-day selloff pushed the major stock averages down 10% from their highs, meaning the market is now officially in a correction.
Citigroup, Wall Street’s largest financial services firms, is planning its second round of large-scale layoffs in less than a year, CNBC has learned.
HSBC Holdings, Europe's biggest bank, has stepped in to support its two structured investment vehicles -- Cullinan and Asscher -- with funding of up to $35 billion to prevent forced sales of assets.
Stocks closed higher in a shortened session as the kickoff to the holiday shopping season lifted retail stocks, while signs of progress in a plan to relieve credit market strain helped major banking stocks.
Three U.S. banks drawing up a plan to ease the credit markets are expected to ask others in the industry to help out next week, the Wall Street Journal reported in its online edition, citing sources familiar with the situation.
Overall losses from the U.S. mortgage market crisis could be up to $300 billion but financial firms and policymakers need to buy time to ensure an orderly work-out, the Organization for Economic Co-operation and Development said on Wednesday.
Asset manager BlackRock is set to be signed up as the manager of a $75 billion fund being put together by U.S. banks to help struggling structured investment vehicles (SIVs), the Financial Times said, without citing the source of the information.
A $4 billion sale of loans being raised by automaker Chrysler following its takeover by buyout firm Cerberus has been indefinitely postponed, the Wall Street Journal reported.
Goldman Sachs issued a gloomy report on the financial services sector, saying housing prices are likely to fall further and write-downs will mount.
Shares in Swiss-based bank UBS tumbled temporarily on Tuesday on renewed fears the group may have to make more hefty writedowns for exposure to assets hit by the subprime crisis.
Trading proved volatile in the afternoon Asia session Tuesday with markets see-sawing and in out of the black. Australia and South Korea ended lower, but a late turnaround pushed Japanese stocks out of the red with the Nikkei closing 1.1 percent higher.
One of my mother's favorite lines is the one about not saying anything if you can't think of something nice to say. Well that was the story of the markets Monday. What a day of angst. Look at this headline from a note sent by MF Global's Andy Brenner Monday afternoon: "The market has traded like a crazed man with no liquidity." Yikes.
Markets at the close ending at the lows again. Fourth 200 point decline in the Dow this month. More than 300 stocks at the NYSE hit new lows today, the highest level since the August lows. Technicals have now become very important, with the S&P slipping below last week's low.
Stocks closed sharply lower after a brokerage downgrade of Citigroup sparked concerns that there may be more mortgage losses to come, raising doubts about the outlook for the economy.
Goldman Sachs downgraded Citigroup to "sell" from "neutral," and said the largest U.S. bank may have to write off $15 billion over the next two quarters as mortgage losses reduce earnings.
The major European indexes ended firmly in the red Monday, despite a positive start to the trading session, as financial, basic resources and auto-maker stocks fell sharply.
Stocks a bit weaker this morning as Lowe's joins JC Penney, Kohl's, and Ann Taylor in lowering guidance...down 4% pre-open, and Goldman downgrades Citi to a sell, saying it may have to write off $15 billion in debt losses over the next two quarters. With all that has happened to Citi, traders griping this is a little late, down 4% pre-open.
Ailing British bank Northern Rock said Chief Executive Adam Applegarth had quit and it had streamlined its board as two suitors confirmed they had made proposals to buy or revive the bank and repay its loans.
Stocks rebounded in the final minutes to close higher, ending another volatile week dominated by worries about a credit crunch and slowdown in the economy.
Prospective bidders are due to submit their final proposals Friday for mortgage lender Northern Rock, Britain's biggest casualty of the global credit crisis.