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Stocks closed lower Wednesday, led by financial and auto stocks after worrisome results from Morgan Stanley, CarMax and FedEx. Regional banks also took a hit after Fifth Third cut its dividend.
The Dow closed at a 3-month low, due to the continuing weakness in financials. New lows expanded at the NYSE to nearly the highest levels in 3 months.
Stocks declined Wednesday, led by financials, after worrisome results from Morgan Stanley and a dismal outlook from FedEx. The Dow briefly slipped below 12,000 -- the first time that's happened since March 18, when the market was reeling from the collapse of Bear Stearns.
Many are now pinning their hopes on the dollar...and this is why traders have cheered concerted efforts by Fed officials plus U.S. officials to prop up the dollar. Traders hope a concerted rally in the dollar will see oil trade below $110, stocks will rally, gold will come down..
European stocks fell on Wednesday, as slipping crude knocked oil shares and financials took a fresh battering after U.S. banks Morgan Stanley and Fifth Third revealed credit-related struggles.
Fifth Third Bancorp, a large U.S. regional bank, said it planned to raise at least $2 billion in capital and would slash its dividend by 66 percent to cope with mounting credit losses.
Stocks opened lower Wednesday as investors booed results from Morgan Stanley and a dismal outlook from economy gauge FedEx.
FedEx is the main story this morning, and it is not a pretty picture. Earnings of $1.45 was a bit shy of consensus of $1.47, but that wasn't the big problem. Guidance for the current quarter is well below expectations: $0.80-$1.00 vs. $1.27, as is the full year guidance of $4.75-$5.25 vs. $5.92 consensus.
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.
The Dow closed higher after retreating oil prices and a tame reading of core U.S. consumer prices eased inflation fears. What's the "Word on the Street?"
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.
Goldman Sachs sent a note out late last night with this title: Key is Likely Not Alone, More Capital Raises and Dividend Cuts to Come. They specifically mentioned Regions Financial, Fifth Third, Comerica, Bank of America and SunTrust
Stocks continued a solid rally Friday, boosted by falling oil prices and investors who swooped in to snatch up battered financial stocks.
KeyCorp dropped 12% Wednesday after underestimating its exposure to bad loans. Has the subprime slime spread all the way to the neighborhood bank?
Stocks closed at their highs for the day after bouncing up and down throughout the session.
Cramer makes the call on viewers' favorite stocks.
Stocks finished flat Monday as concerns about the Federal Reserve's rate decision in a couple of days kept a lid on activity generated by merger buzz.
Stocks ticked higher Monday amid merger buzz but index gains were modest as the market awaits the Federal Reserve's rate decision later this week.
Morgan Stanley analysts Monday told clients to "sell the rally" in financial stocks, slashing forecasts for big bank earnings and warning that the current credit crunch is only just beginning.
Stocks retreated after an early pop Monday as the early market buzz was all about deals and deal makers.