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.
Fasten your seatbelt, it could be a wild ride on Wall Street again this week as investors lick their wounds from Friday's market mayhem and brace for a key inflation report.
The Dow tumbled badly Friday after oil shot up more than $11 to a new record. What's the "Word on the Street?"
The Dow plunged more than 400 points as the sharpest jump in the unemployment rate in more than 20 years and rocketing oil prices sparked concerns about stagflation. Oil jumped more than $11 a barrel to close at a record $138.54.
Stocks plunged as the sharpest jump in the unemployment rate in more than 20 years and rocketing oil prices sparked concerns about stagflation. Oil jumped more than $11 a barrel to close at a record $138.54.. Chevron was the lone star on the Dow. Nat Semi jumped -- a rare feat on this landslide day -- after the chip maker posted better-than-expected earnings.
Stocks plunged after the sharpest jump in the unemployment rate in more than 20 years and news that wholesale inventories ballooned. Oil jumped $6 a barrel. Chevron was the lone star on the Dow. Nat Semi jumped -- a rare feat on this landslide day -- after the chip maker posted better-than-expected earnings.
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Home prices in New York's Manhattan, which have been largely unscathed by the housing slump may start to come down as the credit crunch comes back to bite Wall Street bankers.
Stocks finished mixed as investors juggled some encouraging economic news and concerns about the financial sector. Lehman Brothers rebounded, while bond insurers plunged. Oil dropped below $123 a barrel.
Stocks ticked higher amid some encouraging economic data. Lehman Brothers rebounded after a recent slide but financials remained under some pressure ahead of a slew of earnings out of the sector next week. Oil dropped below $123 a barrel.
Lehman has slashed its risky debt holdings by as much as 25% and raised $8 billion in capital this year to shore up its balance sheet, according to an internal memo obtained by CNBC
Stocks opened lower but quickly bounced as investors juggled worries about financials against some upbeat economic news. American Express led Dow gainers. Lehman rebounded, while Bank of America fell. Oil dropped below $123 a barrel.
Lehman shares rebounded sharply on news that a big bond fund manager is buying the firm's debt and some positive comments from other Wall Street firms.
Lehman Brothers has taken steps to sell off some of the riskier assets on its books and to eliminate its proprietary trading.
Stocks tumbled after General Motors and Ford reported sharp drops in May sales. Prior to the news, it was a yo-yo session as a $2 drop in oil prices dragged on energy stocks and concerns lingered about financials. The market popped several times after some good news, including a jump in factory orders, GM's restructuring plan and comments from Federal Reserve Chairman Ben Bernanke, but gains quickly fizzled.
Lehman Brothers Holdings said Tuesday that it has not accessed the Federal Reserve's discount window in an attempt to raise funds.