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Stocks wavered as oil's relentless ascent boosted energy stocks but a sharp drop in financials and autos curbed gains.
The market's dollar-fueled rally fizzled as oil resumed its ascent and weakness in financials seeped into the broader market.
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.
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.
Almost everywhere they looked during the week, investors saw red ink flowing. But CNBC guests worked hard to find bright spots in the murk.
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.
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.
These names are going down, so steer clear.
Bill Gross, chief investment officer at top bond fund Pimco, told CNBC Thursday that U.S. regional banks are at a disadvantage to their larger rivals because investors and regulators don't see them as too big to fail.
There's no reason to be buying financials here, Cramer says. The outlook is bleak no matter where you look.
Stocks closed lower Wednesday, led by financial and auto stocks after worrisome results from Morgan Stanley, CarMax and FedEx. Regional banks also took a hit after Fifth Third cut its dividend.
Plus, calls on Lehman, Goldman, Boeing, Best Buy and more.
Stocks declined Wednesday, led by financials, after worrisome results from Morgan Stanley and a dismal outlook from FedEx. The Dow briefly slipped below 12,000 -- the first time that's happened since March 18, when the market was reeling from the collapse of Bear Stearns.
Stocks opened lower Wednesday as investors booed results from Morgan Stanley and a dismal outlook from economy gauge FedEx.
Morgan Stanley said quarterly earnings plunged 56 percent on trading losses and slowdown in investment banking, despite $1.43 billion of pretax gains from asset sales.
Sloppy and choppy was the market trend Tuesday, and there's signs it could continue into Wednesday with no economic data on the horizon to drive stocks.
Goldman Sachs took center stage on Wall Street on Tuesday, beating expectations and outperforming the financial sector despite lower earnings results. What follows are some of the day's highlights.
The Dow dropped Tuesday and the broader stock market continued to languish despite positive news early in the day from Goldman Sachs. What's the "Word on the Street?"
Stocks fell sharply Tuesday as a warning from Goldman Sachs that banks may need to raise another $65 billion rippled through the market, offsetting any positive impact from Goldman's earnings.
How long can this trade (long energy & materials, sell rallies in financials) work? Bulls think it can go on for some time; bears believe we are in a blow-off on energy and materials and it is only working right now because it is the end of the quarter, but will soon stop.