The SEC issued its emergency ruling against naked short-selling Tuesday to build investor confidence regarding market information, SEC Chairman Christopher Cox told CNBC.
U.S. securities regulators subpoenaed firms including Deutsche Bank, Goldman Sachs, and Merrill Lynch as it probes suspected manipulation of Lehman Brothers and Bear Stearns shares, Bloomberg said, citing two people familiar with the matter.
Citigroup, the largest U.S. bank, said Friday that it was selling its German consumer banking unit to France's Credit Mutuel Group for close to $8 billion to shore up capital.
Goldman Sachs said the European banks sector needs to raise about 60 billion to 90 billion euros, or withhold one year of dividends, to reach an aggregate Tier I ratio of 9 percent -- a level achieved by European banks that have recapitalized recently.
The Dow Jones Industrial Average shed 1.5 percent, ending the day firmly in bear-market territory. GM took a hit as one analyst raised the prospect of bankruptcy. Lehman Brothers rose.
Stocks were back on the see-saw Wednesday, rising and falling with each new report or flinch in oil prices.
We are getting just the kind of trading that would be expected: modest rally on shreds of good news, met with selling (or just buyers stepping away) midday. Remember the basic facts of the market: 1) stocks are oversold, 2) traders are extremely bearish, and 3) "sell into rallies" remains the dominant trading motif.
Stocks were back on the see-saw Wednesday, rising and falling with each new report or flinch in oil prices.
Two of Europe's biggest investment banks, Switzerland's UBS and Deutsche Bank, moved to calm investors, telling them that they did not need extra cash to cope with the global markets crisis.
Stocks were back on the see-saw Wednesday, rising and falling with each new report or flinch in oil prices.
The most important news this morning comes from Europe: Deutsche Bank is up 5 percent pre-open after staring they would make a profit in the second quarter and would not require more capital. Yesterday UBS also said it would not require more capital.
Bill Gross, chief investment officer at top bond fund Pimco, told CNBC Thursday that U.S. regional banks are at a disadvantage to their larger rivals because investors and regulators don't see them as too big to fail.
Auto stocks are notably weaker here, with new lows for GM, CarMax, and AutoNation; Ford is down 7 percent but not at a new low.
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.
John F. Marshall spent decades teaching at business schools and watching his students parlay his lessons into fortunes on Wall Street. But when he and another professor reached for some of those riches themselves, events took a startling turn, the authorities say.