The pressure is on for those earnings to support the market's current valuations, after weeks of choppy trading.» Read More
Stocks closed sharply lower as rising bond yields signaled a tougher global credit environment. "It was a pretty ugly day," said Tom Schrader, managing director of U.S. listed trading at Stifel Nicolaus. "The market needed a washout and we got one. It was caused by higher rates, which is not good for the carry trade, LBOs and M&A."
Two hedge funds took an 8.4% stake in TD Ameritrade Holding and sent the online brokerage a letter urging it to merge with either E*Trade Financial or Charles Schwab. TD Ameritrade expressed willingness to consider such an offer.
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Online bank and brokerage E*Trade Financial said on Wednesday its first-quarter profit rose 19% on growth in client assets.
E*Trade Financial, one of the nation's largest discount brokerages, on Thursday said robust stock trading and two recent acquisitions helped secure a record fourth-quarter profit that surpassed Wall Street expectations.