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Surprisingly positive retail sales data changed the course of stocks this morning as Wall Street once more put its faith in the resilience of the U.S. consumer. Stocks opened higher after futures pointed lower much of the morning.
Here are my thoughts this morning: 1) Producer Price Index is hot, above expectations, but core (ex-food and energy) below expectations, retail sales stronger than expected, so market has moved up on this because it watches core inflation and is happy retail sales are stronger than expected.
Citizen Bill Clinton just came back from Europe and he says, "It was expensive over there."I asked the former president if he were he still in the White House, would he be concerned about the weakening dollar, and he said he certainly would. "At this level, it's alright, but if it keeps falling it could become precarious," he said.
A loan from Citigroup would allow beleaguered British mortgage lender Northern Rock time to find a suitable investor, instead of nearly giving away its assets on a first come, first served basis, analysts said Monday.
It’s been decades since the Street has seen 3 CEO’s from big investment banks turnover in the same year. Could this be the year?
Stocks closed mixed on Monday as strength in tech stocks was overshadowed by investor concerns ahead of earnings season.
Markets are weak on a couple of concerns today. 1) Lower earnings estimates. The downward earnings revision from Citi, Washington Mutual and Merrill Lynch last week are really having an impact on Q3 earnings revisions. Seven or eight days ago, we were expecting 3.9% earnings growth for the whole S&P 500; today it is down to 0.7%, the lowest growth in five years, and it may still go negative.
JPMorgan Chase and Bank of America are expected to disclose losses of about $3 billion in mortgage securities and leveraged loans when they report earnings this month, the Financial Times reported, citing an analyst.
U.S. investment bank Citigroup is planning to help keep Northern Rock independent by arranging a consortium of bidders to bail it out, or by directly offering it a loan, according to conflicting weekend newspaper reports.
Stocks rallied on Friday, sending the S&P 500 index to a new closing record, as a solid employment report rekindled optimism about the outlook for economic growth and corporate profits. The Dow Jones Industrial Average, meanwhile, traded above its record close for much of the session but gave back some of those gains.
Is it time to get more bullish on the economy? That much awaited jobs number today certainly drove some of the recession scare out of the markets, but it hasn't really changed the picture for slowing growth so far.
Washington Mutual, one of the largest U.S. mortgage lenders, said Friday it expects a 75% drop in third-quarter net income due to adverse housing market and credit conditions.
Stocks closed a listless trading session unchanged on Thursday as cautious investors stayed on the sidelines ahead of Friday's release of monthly employment data.
European stock markets closed mixed after the European Central Bank and the Bank of England held interest rates steady.
The world's largest brokerage Merrill Lynch, which is expected to announce third-quarter losses in fixed income, said that global head of fixed income, currencies & commodities, has left the firm.
Stocks are striking a slightly positive tone as investors increasingly believe the credit crunch is being worked out. Tomorrow's jobs report for September remains a top focus. The U.S. dollar is barely changed against most currencies but slightly weaker against the euro and British pound after the European Central Bank and the Bank of England left rates unchanged this morning, as expected.
Citigroup is in talks with private equity firm Kohlberg Kravis Roberts on funding for the purchase of some of the leveraged loans on its balance sheet, the Financial Times reported on its Web site.
U.S. investment bank Citigroup has offered to provide funding to potential buyers of British bank Northern Rock as part of its advisory role, according to people familiar with the matter.
Hard to say what the Dow really represents as a proxy for broader markets - but the S&P is not far from its all time high and that should send a clear enough signal that these equity markets want to go higher. The technicians like the longer term trend lines and so far there is no hint that we retest the August lows.
Here are my midday observations: 1) one reason the market has little upside today is strategists and analysts are now realizing the effect that cuts in bank earnings are having on overall profit projections for the third quarter.