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Worry about slowing economic growth and a new bout of credit fears ignited the global sell off in stocks which continues into the U.S. open. Wall Street was the first market to spiral downward in Friday's big sell off amid worries the U.S. sub prime mess will take longer to sweep away than expected and is fanning out into other types of credits.
Stocks ended mixed as Bank of America's earnings shortfall was countered by strong tech and healthcare earnings. "In the last few days there is more concern about this bleeding into the fourth quarter, with the Bank of America comments and housing having more of a negative impact on the consumer than maybe we've seen so far," said Alec Young, equity strategist at S&P.
You can hear the wings flapping in the Treasury market, as the big flight to safety trade that started yesterday continues. The dollar is skidding to new lows, and a bit of fear has returned to the street.
Stocks are struggling with familiar problems this morning: 1) The Yen has rallied against the dollar and other currencies, again reviving concerns about the yen carry trade unwinding; European equities are lower.
Technology has been a big lure in an otherwise fishy stock market this week.
Washington Mutual said third-quarter profit fell by 72 percent due to mounting losses and write-downs related to mortgages.
Citigroup said third-quarter profit fell 57 percent, hurt by losses and writedowns for subprime and leveraged loans, fixed-income trading and weakness in its consumer business.
Markets are weak on a couple of concerns today. 1) Lower earnings estimates. The downward earnings revision from Citi, Washington Mutual and Merrill Lynch last week are really having an impact on Q3 earnings revisions. Seven or eight days ago, we were expecting 3.9% earnings growth for the whole S&P 500; today it is down to 0.7%, the lowest growth in five years, and it may still go negative.
Two major U.S. financial firms warned of more fallout from recent credit turmoil Friday, but resilience in the the jobs market bolstered investor sentiment.
Is it time to get more bullish on the economy? That much awaited jobs number today certainly drove some of the recession scare out of the markets, but it hasn't really changed the picture for slowing growth so far.
Washington Mutual, one of the largest U.S. mortgage lenders, said Friday it expects a 75% drop in third-quarter net income due to adverse housing market and credit conditions.
The payrolls number is pleasing to stock bulls. They wanted an upward revision to the crummy loss in August: they got it, in fact a little stronger (89,000 jobs) than they thought. And the September number (110,000 jobs) just a tad stronger than expected.
Some of the best business stories are behind the emerging Cinderella. I covered Gonzaga's merchandising boom from their NCAA Tournament runs and Boise State's merchandising royalty run as they became the most prominent non-BCS football program in the land.
So I just received a press announcement from Washington Mutual, “unveiling a new, industry-leading standard for mortgage brokers” with whom they do business. Ok, great I say! Good for you guys, implementing new groundbreaking standards to clean up the mortgage business once and for all. I read on.
Bank of America has raised the fee it charges non-customers to withdraw cash from most of its automated teller machines to $3 from $2, a move that may prompt rivals to follow.
Two of the largest U.S. banking companies said Monday that tough credit market conditions may cause higher losses related to lending.
Following are the days biggest winners and losers. Find out why shares of EMC Corp. (EMC), Toll Brothers (TOL) and US Airways (LCC) popped while Washington Mutual (WM) and Tween Brands (TWB) dropped.
As more and more mortgage lenders close down, big banks should clean up.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.
The market got the rate cut it needed, so it's time to start buying stocks again. Here are Cramer's short-term picks for next week.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.
On Friday, the Federal Reserve announced that it had approved a 50 basis-point cut in the discount rate it charges for loans made directly to banks, via its regional Federal Reserve lenders . Was the discount-rate cut merely in reaction to a temporary credit crunch -- or a sobering signal that Fed Chairman Ben Bernanke perceives deeper troubles in the U.S. financial sector? CNBC's Market Task Force and expert guests took on the question -- and offered survival advice to investors.