After a judge ruled that the city can proceed with its historic bankruptcy, the stage is set for an epic legal battle over who helps pick up the tab.» Read More
The FBI's criminal probe of the mortgage lending industry has grown to 17 firms, involves large companies, and could take years to conclude, bureau officials said on Tuesday in a Reuters interview.
Oil trading on the Nymex closed above $109 Tuesday, after the Federal Reserve cut the fed funds rate by three-quarters of a point, or 75 basis points, to 2.25 percent.
Stocks soared Tuesday, led by financials, as the market breathed a huge sigh of relief following better-than-expected earnings from Goldman Sachs and Lehman Brothers.
Major European stock indexes closed more than 3 percent higher on Tuesday ahead of the Federal Reserve's interest-rate-setting meeting, and after U.S. banks Goldman Sachs and Lehman Brothers reported earnings that beat markets expectations.
When the news of Bear Stearns increased credit concerns arose on Friday, the Financial stocks took a beating, adding to their woes from the past few months. Sunday's news of the JP Morgan Chase's $2/share buyout of Bear drove prices down further. Now with Lehman and Goldman reporting better than expected earnings the financials are up significantly. See how the past three days have faired on the Financials...
Fed policy-makers are expected to make the biggest interest rate cut since 1982, while two major Wall Street firms provided some relief to investors with better-than-expected earnings.
Stocks opened higher Tuesday as investors are anticipating that the Federal Reserve will deliver an unusually large rate cut.
Goldman Sachs Group Tuesday said first-quarter earnings fell by half after recording more than $2.5 billion of losses on loans and other assets, yet robust trading helped the bank exceed an anxious market's reduced expectations.
Good reports from Lehman and Goldman, and housing starts are above expectations. Core PPI up 0.5 percent is higher than the 0.3 percent expected, but that is being pushed aside in favor of the more bullish housing starts data.
Stocks held their own Monday, even after the shocking demise of Bear Stearns. But the market no doubt benefited from the view of many investors that the Fed will deliver a hefty rate cut when it meets Tuesday.
Trading was remarkably calm Monday, as investors digested the news that JPMorgan Chase & Co. is buying investment house Bear Stearns. What's the word on the Street?
Even a multi-billion writedown may not be enough to shake investor confidence in Goldman Sachs. Read on to see what could spook traders.
Enthusiasm for the Federal Reserve's actions to stem the credit crunch propelled the Dow Jones Industrial Average to a higher close Monday, a day when everyone expected a rout due to weekend fire sale of Bear Stearns.
Lehman Brothers appears to be in much better shape than Bear Stearns, but is it good enough to avoid a similar fate? The broker's earnings report on Tuesday should go a long way towards answering that question. What points should you focus on? Read on to find out.
The Dow Jones Industrial Average pared its losses Monday as the sell-off spurred by the fire sale of Bear Stearns wasn't as bad as expected.
Lehman shares tumbled more than 20 percent Monday as Wall Street speculated whether or not it's the ailing banking system's next casualty.
A fire sale of Bear Stearns stunned Wall Street and pummeled global financial stocks on Monday on fears that few banks are safe from deepening market turmoil.
Stocks plunged at the opening bell Monday as investors were spooked by the cash crisis at Bear Stearns that forced its sale for $2 a share to JP Morgan Chase.
To everyone who called me or emailed me over the weekend saying, "How could this happen? How could Bear Stearns go from $57 to $2 in two days?" I would offer the comment of one astute trader, who said, "When you are levered 30 times and have no access to finance it doesn't take a huge move on $400 billion in assets and $260 billion of debt to wipe out the equity."
Investment bank Goldman Sachs will announce asset writedowns of $3 billion when it posts earnings on Tuesday, Britain's Sunday Telegraph newspaper reported, without naming sources.