The "Fast Money" traders share their final trades of the day.» Read More
The Dow Jones Industrial Average closed at a record high, but slipped below 14,000 after trading above the milestone earlier in the session. Traders remained optimistic that the market will power higher. "We're not going to stop at 14,000; it's just an arbitrary number," said Gordon Charlop, president of Walter J. Dowd.
State Street, the world's biggest institutional money manager, Tuesday posted a better-than-expected 61% jump in quarterly profit and said revenue will be stronger than initially expected this year.
Earnings news is helping set the tone as some big positive reports are countering weakness in stocks ahead of inflation data.
European stocks are once again expected to outperform U.S. ones and may even post gains superior to many of the hottest emerging markets.
XM, Charter, Burger King and more...Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
Bank of New York, which is buying Mellon Financial, said on Wednesday that first-quarter profit rose 3%, helped by higher fees from holding securities and processing trades for institutional investors. Meanwhile, PNC Financial, a fast-growing northeast U.S. regional bank, said first-quarter profit rose 30%, helped by acquisitions and growth in every main business line.
State Street, the world's largest institutional asset manager, on Tuesday reported higher quarterly earnings as revenue hit a new record.
Mounting concerns on Wall Street that mortgage lenders might be hurt by increasing defaults and delinquencies sent investors fleeing Monday from some of the biggest names in the industry. The meltdown among lenders that specialize in home loans to people with weak credit again ravaged stock prices.
The Dow Jones Industrial Average closed fractionally higher, helped by strength in Wal-Mart and Boeing, but the broader market failed to gain traction.
State Street announced Monday it plans to buy Investors Financial Services for about $4.5 billion in stock.
Three of the four largest U.S. trust banks -- which manage money, hold securities and process trades for clients -- reported strong earnings on Wednesday, as demand rose for their asset management and servicing products.
Institutional investment manager State Street said fourth-quarter earnings jumped 17% as new business and higher equity valuations boosted servicing and management fees.
Stocks in the U.S. are seeking direction and are looking mostly higher in mixed action ahead of the open. Earnings news from big names like Intel and J.P. Morgan are making headlines, and the markets are watching for PPI inflation data this morning and the Fed's Beige Book at 2 pm. Oil slumped below $51 a barrel this morning after a deep slide yesterday.
The combination of two storied names in American finance will create a powerhouse in custody services for institutional investors and one of the biggest asset managers.