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For the historic week ending Friday, September 19, 2008, the major U.S. Indices managed to close mixed and almost flat after one of the most volatile trading weeks ever, driven by the collapse of investment bank, Lehman Brothers, enormous government actions around the globe, and billion dollar deal making. In one week, the government bailed out AIG, pumped funds into money markets, and banned short selling of financials - all while keeping the Fed Funds target unchanged and taking unprecedented actions to halt the liquidity crisis. The CBOE Volatility Index (VIX) surpassed the benchmark level of 30, hitting an intraday high of 42.16 on Thursday, its highest level since 10/2002. The major indices were all up and down +/- 3% for 4 of the past 5 days. The Dow posted a 2 day point move of more than 778 points as of Friday’s close, after plummeting 811 between Monday and Wednesday and hitting 10,609.66, its lowest level since 11/9/2005. On Friday, The Nasdaq Composite recorded a 2-day point move of greater than 175 points after it closed down 109.05 points on Wednesday, its first triple digit decline for one day since it began trading after the 9/11 attacks. The S&P 500 flirted with record territory closing up 98.7 over the last two days, marking its biggest 2-day point move since 3/16/2000, the largest 2-day point move ever.
The Dow surged higher on Thursday on optimism about a possible government resolution to the financial crisis. But the traders might have found the next shoe to drop.
(That's Balance Sheet, of course.) As Morgan Stanley, Genworth, State Street, WaMu and others are feeling the squeeze, I feel the need to dispel some myths that are crippling Wall St. and arguably the world.
Which stocks were unfairly punished during Monday’s monster sell-off?
As we await the fate of Washington Mutual, the pipeline of troubled institutions is filling up. I mentioned Audit Integrity earlier this week in a post on Downey Financial, and later the firm reached out to me to explain that it considers Downey very risky from an accounting and governance perspective.
Massachusetts' $50.6 billion pension fund on Wednesday fired a Legg Mason unit run by fund manager Bill Miller and four other fund firms from managing a $1.8 billion U.S. stocks portfolio due to poor performance.
Nearly 1.3 billion shares and $13.5 billion traded yesterday in CNBC's Million Dollar Portfolio Challenge. Check out the bets being made today...
Stocks closed lower following a zig-zag day marked by a plunge in oil and a barrage of statements and news from economic policy makers, and a resurgence for the beaten-down financial sector.
Stocks fell sharply after Federal Reserve Chairman Ben Bernanke issued a dour forecast ahead for the US economy, saying more hard times are on their way that will pose a major challenge to policy makers.
State Street, one of the world's biggest institutional money managers, said on Tuesday that second-quarter profit rose amid more demand for its services, which helped the company report record revenue.
It was an ugly first half for the stock market and now that the goal posts have been moved for the economic recovery, expect a rough game in the second half.
Q: On Fast Money’s trader radar we look at the stock that was lighting up screens across Wall Street. Chartered by John Hancock on one of the most famous streets in Boston, this company has grown to be the largest money manager in the world for institutions. But the stock has had more setbacks than “the big dig” this year due to the ongoing credit crunch. Who is it?
Computer equipment containing personal information on more than 45,000 customers and employees of a State Street unit was stolen five months ago, the company said.
Investors who spent the past nine months avoiding the US stock market and economy by snapping up multinational companies are now coming back home.
Cramer makes the call on viewers' favorite stocks.
To date 50 or 10% of the S&P 500 companies have reported earnings. Here's a look at the scorecard for the quarter to date.
The afterglow from Intel's earnings news should be an early bright spot for stocks Wednesday, a day that will be ruled by earnings news.
All three major indexes finished slightly higher Tuesday, led by energy and bank stocks, as investors processed some not-horrible earnings results. Airline stocks skidded amid concerns about fuel prices and viability.
Stocks traded mixed Tuesday as not-horrible earnings failed to quell market jitters about earnings.
Stocks opened higher Tuesday after a tame core inflation reading, a better-than-expected manufacturing report and news of a Delta-Northwest deal.