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Wall Street tried to fight its way back from a precipitous opening drop, with volatility promising to cause violent swings as the market battled to break a seven-day losing streak.
Traders are in agreement on two points: 1) We are not trading on fundamentals. Forced selling is causing many stocks to trade well below fundamental values; 2) traders do not have faith in 2009 earnings projections, which is making it difficult to value stocks.
It may be that this is part of the final blow out, the last exhausting painful blast of selling where the stock market finally bangs down on what we later point to as the bottom.
Stocks closed lower after swinging wildly all day as a coordinated global rate cut failed to reassure investors.
After the global rate cut, why was the market rally so weak? Art Hogan, chief market strategist at Jefferies & Company, offered his insights to CNBC. He also gave sector picks and portfolio allocation advice.
Nearly three weeks ago, regulators abruptly banned short sales of financial stocks to protect companies that had come under siege in the stock market. Short-sellers, critics said, had contributed to the declines by betting against the companies’ shares, the New York Times reported.
Despite coming with glowing words of praise for General Electric and Goldman, Warren Buffett's big investments in the two companies haven't moved the stocks higher in the short-term.
Morgan Stanley and its Chief Executive John Mack got preferential treatment in a 2005 investigation of alleged improper trading at Pequot Capital Management, according to a government report obtained by CNBC.
The Dow pared its massive loss in the final hour of trading Monday after fear that the credit crisis is spreading rippled through world markets. The blue-chip index ended down about 370 points, after being down as much as 800 at one point.
Warren Buffett's latest moves to boost confidence and make money have The New York Times hearing echoes of J.P. Morgan's effective response to the financial crisis of 1907.
Their times and personalities are vastly different, but J. Pierpont Morgan’s role in the Panic of 1907 has its echo in Warren E. Buffett’s actions during the current financial troubles, says the New York Times.
In a live telephone interview today (Friday) on CNBC, Warren Buffett reacted to the House of Representative's approval of a financial rescue package. He also revealed the two domestic stocks that he personally owns, as opposed to the many stocks owned by his holding company, Berkshire Hathaway. This is a complete transcript of that conversation.
The stumbling economy and the specter of a rough earnings season will pressure stocks in the week ahead.
In this Web Extra find out how to trade the start of earnings season, retail sales and more.
Although it may seem like nothing's working right now the fast money is just waiting in the wings. Here's how to catch a ride.
With a Wall Street bailout finally in the history books it’s time to think about earnings. The season starts Tuesday.
Wall Street capped its worst week in seven years with a late day selloff as traders briefly celebrated the House's approval of the Wall Street bailout, then yanked their positions ahead of the weekend.
For the week ending Friday, October 3, 2008, the major U.S. Indices declined steeply on continued uncertainties over the financial bailout / rescue plan, concerns in the credit markets and more economic deterioration.
Stocks declined Wednesday as disappointing economic data added to the weight on investors shoulders over the strained credit market and haggling on Capitol Hill.
The $700B US Bailout was signed into law on Friday, and the major markets still closed down for the day after a brief rally. The week was devastating to the US stock market with a 7.34% weekly loss for the Dow, an over 9% drop for the S&P and an almost 11% drop for the NASDAQ.