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The quarterly reports for the big banks were terrible across the board, but stocks are up because the psychology and the method of valuing bank stocks have changed, said Richard Bove, financial strategist at Rochdale Securities.
How are the Fast Money traders gaming this market into the close? Following are the “Fast & Furious” trades - hot ways to play today's market moving events.
The Dow turned lower again in late morning trading as investors continued to digest earnings reports from a slew of top-tier companies.
Even though only 11 percent of the S&P 500 has reported second-quarter earnings so far, it's probably not too early to say we've seen the best of this earnings season.
First it was the Divine Miss M with a few kind words a couple of days ago when she recommended Goldman Sachs . Then there was a report Thursday afternoon that the renowned bear, Nouriel Roubini, had a more gentle view of the world. That gave the market an excuse to rally when it was having trouble with JP Morgan's earnings report and some positive news regarding unemployment claims.
After better-than-expected results from Goldman Sachs and JPMorgan Chase this week, Ralph Silva, director at TowerGroup, told CNBC the disparity between them and the rest of the banks in the U.S. has widened so much that there is no longer any competition within the U.S. banking sector.
Global stocks were higher Friday on hopes that the global economic slowdown is receding after key U.S. companies reported better-than-expected earnings. Experts tell CNBC their forecasts for the future and how investors should position themselves.
Earnings from General Electric, Bank of America and Citigroup Friday will determine whether the market keeps the week's winning streak going.
JPMorgan Chase reported 36 percent rise in quarterly profit, topping Wall Street forecasts. Meanwhile, CIT Group said it would not get government bailout funds. Art Cashin, director of floor operations for UBS, offered CNBC his insights on JPMorgan and the stock markets.
Stocks were moving sideways...until midday, when famously bearish economist Nouriel Roubini came out and said that the "worst is behind us in terms of economic and financial conditions." The Dow rallied over 100 points on that news... A rally on that? But Roubini was famously bearish at the right moment several years ago, and is widely followed. Roubini less bearish is notable news.
Can IBM keep the good news coming with earnings after the bell tonight? Intel started all this, and there's every indication that IBM should help it continue.
Harris Private Bank chief investment officer Jack Ablin says there are signs the stock market just might be setting up for a big run up....One indicator he is watching is momentum.
Stocks are roaring this week. A 6 percent surge is being fueled by better-than-expected earnings — profits that make capitalism go. Earlier this morning, on the heels of stellar results from Goldman Sachs and Intel, JPMorgan Chase announced record net revenues that easily beat analyst estimates. The bank’s second-quarter profits rose 36 percent from a year earlier.
JPMorgan Chase’s earnings result is better than what we’ve expected but expect headwinds, said Jeffery Harte, managing director in equity research at Sandler O’Neill.
In our July 1 email blast, we speculated that after a nearly 100% rise in the S&P Financial Index from the March 9, 2009 lows, further strength in the overall market may have to come from a different sector(s). Well, as of right now, we're wrong.
The stock market decided it loved Intel's earnings report more than it loved my guess that we had to correct a bit more of the rally from the March lows. Intel's very solid earnings, and more important its outlook for the next quarter, caused the shorts to run for cover and the market averages rose about 3% across the board.
Credit issues weigh on JP Morgan. The bank is trading down a bit this morning despite beating on the top and bottom line: $0.28 vs. $0.04 expected, which includes a TARP payment of $0.27 and an FDIC special assessment fee of $0.10; and revenues of $27 billion in revenues topped estimates of $26 billion).
For the last two years, housing has been at the center of the banking industry’s troubles. But for at least one quarter, it will help lift its results.
The first days of earnings season seem to have lit a fire under the stock market, but investors are wondering if this week's rally is for real or just a bunch of smoke.
By the closing bell stocks recorded their best three days of gains since the rally began in March. In fact the S&P 500 has gained 6.1% so far this week and it's only Wednesday.