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Stocks closed down 1 percent after the minutes from the last Fed policy setting meeting suggested the central bank could begin tapering bond purchases sooner than the market expects.
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The Dow dropped to its lowest level in nearly two years after a downgrade on brokerage stocks and a slew of weak earnings and economic reports. Several Dow components and several financial stocks hit multiyear lows, with the biggest shock coming from GM, which fell to its lowest in more than 50 years.
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The Dow dropped to its lowest level in nearly two years after a downgrade on brokerage stocks and a slew of weak earnings and economic reports. Several Dow components and several financial stocks hit multiyear lows, with the biggest shock coming from GM, which fell to its lowest in more than 50 years.
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Citigroup may suffer $8.9 billion of second-quarter writedowns, forcing it perhaps to cut its dividend again, while Merrill Lynch may incur $4.2 billion of writedowns, Goldman Sachs analyst William Tanona wrote on Thursday.
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Stocks tumbled out of the gate Thursday after a downgrade on brokerage stocks and disappointing earnings from two tech giants.
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The uranium sector is due for a rebound and investors can profit from this by buying either miners or companies building nuclear power plants, according to Peter Howe, head of trading at Helvetia Wealth.
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Citigroup may suffer $8.9 billion of second-quarter writedowns, forcing it perhaps to cut its dividend again, while Merrill Lynch may incur $4.2 billion of writedowns, Goldman Sachs analyst William Tanona wrote on Thursday.
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Overstock.com and its outspoken leader are going after some big fish on Wall Street. Overstock Chief Executive Patrick Byrne has filed a $3.4 billion lawsuit against brokerage firms alleging a “massive, illegal stock market manipulation scheme.” The suit has left some power players fit to be tied, including Marketwatch.com columnist Herb Greenberg. As fate would have it, our cameras were rolling on Greenberg's fit.
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AmEx just out with comments, saying "We have seen credit indicators deteriorate beyond our expectations" and it was "too early to assess the impact of deteriorating credit indicators." Down about 1 percent.
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Strategas Research analysts today say the market looks oversold and could be setting up for a short-term rally. In a note today, the firm looked at the record level of short interest and other factors. Last week, the percent of short interest on the NYSE was at 4.2 percent, an all time high.
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"More buyers than sellers," is often the answer traders give when asked why prices of shares, bonds or commodities are high.
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The Dow ended little changed on Monday as renewed concerns about the outlook for financial shares offset gains in energy stocks. What's the "Word on the Street?"
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Stocks wavered as oil's relentless ascent boosted energy stocks but a sharp drop in financials and autos curbed gains.
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More Wall Street firms, facing the specter of tougher regulation and slumping capital markets, will follow the path of Bear Stearns and be forced into the arms of deposit-rich commercial banks, veteran banking analyst Charles Peabody told Reuters.
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Stocks wavered as oil's relentless ascent boosted energy stocks but a sharp drop in financials and autos curbed gains.
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The market's dollar-fueled rally fizzled as oil resumed its ascent and weakness in financials seeped into the broader market.
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Citigroup is about half-way through cutting 10 percent of the 65,000 employees in its investment banking unit, a person familiar with the job cuts said Monday.
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Oil was trading up early in the morning, despite the Saudis agreeing to raise oil production 200,000 barrels a day -- however, after the dollar had been strengthening, oil began moving down. Gold also weakened, down 2.7 percent.
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Almost everywhere they looked during the week, investors saw red ink flowing. But CNBC guests worked hard to find bright spots in the murk.
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Following are the week’s biggest winners and losers. Find out why shares of Goldman Sachs and Wyeth popped while Coca-Cola and Denny’s dropped.
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The reports below offer analysis and research on different parts of the energy industry, such as the potential for wind energy, higher energy efficiency for low-income neighborhoods and the affects of biofuels on the economy.