Blackstone is "giving up on Russia", highlighting how even well-connected western investors are shying away from doing business in the country.» Read More
Stocks should continue to take most of their cues from oil and the dollar Wednesday, but July retail sales data could also be key.
The Dow fell by triple digits on Tuesday as worries about further losses stemming from the mortgage crisis moved back into the spotlight.
Some big Wall Street banks may have been premature in believing New York State's investigation into auction-rate securities was over, people inside New York Attorney General Andrew Cuomo's office told CNBC.
Stocks closed lower—even though oil fell to $113 a barrel—as a fresh round of warnings about banking troubles squelched the market's week-long rally.
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Goldman Sachs was downgraded to "hold" from "buy" by Deutsche Bank analyst Mike Mayo, who said the largest U.S. securities firm was not immune to capital market pressures, especially given its exposure to weaker European growth.
As Wall Street’s troubles continue, big investment banks are moving some key employees to increasingly influential hubs of finance in Asia, the Middle East, Europe and Latin America, the New York Times reports.
Some Wall Street companies might not resume paying New York City taxes for "a number of years'' because they can offset future profits with the losses they are currently suffering, Mayor Michael Bloomberg said on Monday.
The financial sector took several more body blows as losses from the credit crisis continued to mount at some of the world's biggest banks.
Smaller financial firms have found a way to capitalize on their larger rivals' woes, moving to snap up some of the top talent cast adrift by sweeping layoffs at leading investment banks.
Commodities and inflation remain the main story, and while stocks are well off their July lows, the advance remains tentative due to concerns about a slower global economy.
Stocks moved lower off the market opening on a fresh round of bad news for financials and an economic sign that the US consumer was continuing to struggle.
From mid-July to late July short interest dropped 5.34 percent, on average, in the shares of 17 major financial firms affected by the U.S. Securities and Exchange Commission emergency short-selling rule, according to the latest data from the exchange.
The Dow made gains on Monday with investors believing the current down trend in oil improves prospects for consumer and business spending.
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Top global logistics firm United Parcel Service, playing down talk it will pay more than $15 billion for all or part of TNT, said buying the smaller rival would devalue its own shares and called such takeover speculation a "rumor."
Short trading in 19 major U.S. financial stocks will revert to rules governing other shares Wednesday as a Securities and Exchange Commission experiment against abusive short selling expires.
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Late in the day, Moody's said they may downgrade the debt of American Express; Moody's say they were concerned about AmEx's lending exposure to areas of the country that have experienced sharp home price declines.
The Dow took the Fed ball and ran with it, crossing the finish line with a gain of more than 330 points.