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Stocks opened lower on Wall Street Monday as oil neared $140 a barrel and after a report from the New York Federal Reserve on regional manufacturing activity showed a worse-than-expected contraction. Lehman shares rose after the firm reported a loss on target with its pre-announcement.
S&P futures dropped about 5 points as the New York Empire State Index was notably weaker than expected and has been down 4 of the last 5 months, then dropped again on oil. The most important issues this week:
Only a year ago, Wall Street reveled in an era of superlatives: record deals, record profit, record pay. But a mere 12 months later, nearly half of the profits that major banks reaped during that age of riches have vanished, the New York Times reported.
Should oil prices extend their pullback and data show no further deterioration in the U.S. economy, stocks could rise next week. But investment banking results will be the wild card.
The week began with a flashback to the credit crisis. It ended with figures showing the fastest inflation in six months and the lowest consumer-sentiment reading in 28 years. Along the way, as the stock market ebbed and flowed, CNBC guests assembled a collective portfolio that was heavy on technology, energy, and global exposure.
Investors are bracing themselves for Goldman Sachs and Morgan Stanley earnings next week. Should you expect a rally or pullback?
Stocks rallied to the finish Friday, led by financials and techs, as a tame core-inflation reading and lower oil helped the market end a chaotic week on a high note.
For the week ending Friday, June 13, 2008, the markets were mixed on varied economic news, renewed credit concerns from Lehman and the financial sector, and of course, oil. A surprise increase in retail sales gave hope for economic growth and a rising CPI suggested a potential rate move on the horizon that could strengthen the dollar and begin to tame inflation.
Stocks regained lost ground heading into the final hour of trade, with lower oil boosting financials and a host of other beaten-down sectors as Wall Street bid to finish a seesaw week slightly higher.
Stocks continued a solid rally Friday, boosted by falling oil prices and investors who swooped in to snatch up battered financial stocks.
After Lehman fired two top executives, the question is, does this give them any breathing room? The trust is broken--everyone thinks they will have to raise more capital, everyone thinks there will be more writedowns.
"We've had a bear market," David Katz of Matrix Asset Advisors told CNBC. "We think the next move in the market is going to start to discount a better `09, and a lot of these problems being resolved, and so we'd be buying into this weakness." Not only is Katz buying, he's buying financials!
KeyCorp , a large U.S. Midwest regional bank, said it plans to raise $1.5 billion in equity capital and cut its dividend in half, following an adverse federal court ruling over the tax treatment of leveraged leases.
Stocks tumbled Wednesday as oil's resurgence lit the fuse of inflation fears, pushing the Dow to a three-month low. Oil jumped about $5 a barrel, settling at $136.38. Financials were the hardest hit.
Stocks fell sharply as oil's resurgence fanned inflation fears and a downgrade on Alcoa dragged on the Dow. Oil jumped about $6.
Stocks opened lower as oil's resurgence fanned inflation fears and a downgrade on Alcoa dragged on the Dow. Oil jumped nearly $3, topping $134 a barrel.
Wall Street looked set to open slightly higher on Wednesday, but the energy market could again hijack the stock market with U.S. inventory data arriving later in the morning.
Bank shares rose on Wednesday after a report that Russian billionaire Suleiman Kerimov is buying stakes in major Western banks and wants other tycoons to join him.
Lehman Brothers may find itself on more secure ground, but its poor showing in the second quarter has undermined confidence in banks and brokerages and left investors wondering what to believe about the state of the credit crisis.
Oil prices are likely to hit $150 a barrel this summer season, the global head of commodities research at Goldman Sachs said on Monday, as tighter supplies outweigh weakening demand.