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.
Time to dip into the Fast Money mailbag and answer more of your questions. Michael writes, “Is it safe to get back in Crocs (CROX)? I think Karen was high on it last week, but is it now finally time to start buying back some
Stocks closed sharply lower as investors remained skittish about the housing slump's toll on the economy and potential credit losses at big financial services companies.
The floor of the NYSE is buzzing with nervousness and excitement. Specialist firm Van der Moolen has announced they are exiting the business; rumors that other big specialist firms will exit are rampant. Is this it? Will the fabled NYSE floor survive?
Wells Fargo believes the nation's housing slump is the worst since the Great Depression and is far from over, Chief Executive John Stumpf said Thursday.
Several financial institutions have been telling investors that subprime losses may not be as big as feared. Yet many wonder if it's all just wishful thinking.
US stocks closed an uneasy session lower as investors, uncertain if the worst of the credit crisis is over, refrained from extending Tuesday's huge advance.
John Thain told CNBC that he sees his new job as CEO of Merrill Lynch as "an opportunity to make things better" after the financial giant suffered huge subprime-related losses.
Citigroup has placed sole responsibility for its fixed-income, commodities and currencies group in the hands of a London-based executive following the restructuring of its capital-markets unit, the Wall Street Journal said Thursday in its online edition.
Barclays, Britain's third-biggest bank, unveiled a 1.3 billion pound ($2.7 billion) writedown on its exposure to credit market problems on Thursday, less than was feared.
Merrill Lynch's decision to name John Thain as its new chief executive came after the firm's first choice, BlackRock CEO Larry Fink, demanded that Merrill make a full accounting of its subprime exposure, CNBC has learned.