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New York Attorney General Andrew Cuomo said Friday he is sending a letter to Merrill Lynch notifying the investment bank that his office will file suit against it imminently as part of an investigation into the collapse of the auction-rate securities market.
Wall Street shook off more signs of consumer weakness and instead focused on plunging oil prices, sending stocks up as financials continued to gain.
Wall Street analysts appear to be increasingly bearish on financials. On Thursday Fox-Pitt Kelton analyst David Trone cut his estimates on...
Stocks rose on Thursday as another decline in the price of oil buoyed hopes that consumer spending will recover. Also financial shares bounced back from a sharp two-day sell-off.
New York Attorney General Andrew Cuomo told CNBC that his investigation into auction-rate securities sold by banks and brokerages is far from over.
Stabilizing U.S. economic growth, falling oil prices and a deteriorating outlook outside the United States have led Goldman Sachs to abandon its ten-year bearish stance on the U.S. dollar.
JPMorgan Chase and Morgan Stanley agreed to repurchase a combined $7 billion in auction-rate securities as part of a settlement with regulators.
Some Wall Street banks and brokerages are nearing a settlement with regulators over allegations that they misled investors over the sale of auction-rate securities, CNBC has learned.
Stocks will be on inflation watch Thursday. Volatile trading in oil and commodities promises to spill into the stock market again. On Wednesday, energy and other commodities rose, reversing a selling trend and worrying investors, who have been hoping for a reprieve from inflation.
Energy, steel, coal and metal stocks rallied. Bulls were saying the commodity trade was back on, that demand destruction was yesterday's story. That is highly unlikely.
European shares dropped on Wednesday as fresh concern about the impact of the credit crunch on the banking sector hit financial shares, while a late spike in the oil price rekindled worries about inflation.
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.