The Congressman responsible for writing many of the U.S. sanctions against Iran lashed out about London-based Standard Chartered’s business with the Islamic Republic and the negative reaction from Britain to the impact of U.S. sanctions on British banks.
Stocks staged a strong comeback from their lows Monday, with the Dow posting a triple-digit recovery, but all three major indexes still finished in the red amid fresh worries over the euro zone.
Stocks closed higher for a third-straight session in choppy trading Thursday, with the S&P 500 hitting its best level since May.
John Hofmeister, founder and CEO of the nonprofit Citizens for Affordable Energy and Shell Oil’s former U.S. CEO, tells CNBC that looming EU sanctions aimed at punishing Iran for continuing its nuclear program will be “a non-event.”
Although changes to money market funds since 2010 have made them more transparent and stable, SEC Chairman Mary Schapiro told CNBC that there are structural weaknesses still to be addressed.
Stocks lost steam in the final hour of trading to finish mixed Thursday, after the Federal Reserve announced new capital rules for financials and following Bernanke's comments that offered little hope for further central bank intervention.
Stocks rallied more than 1 percent across the board Tuesday to close near session highs, but the euro remained near its lowest level against the dollar since July 2010 amid renewed jitters over Spain.
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Stocks finished higher Friday, with the Nasdaq posting its best weekly gain in almost three months, helped by a round of encouraging earnings, a better-than-expected consumer sentiment report and despite weak GDP report.
Stocks trimmed their losses but still ended in the red Monday, with the S&P 500 down almost 4 percent from its 2012 highs, weighed by political and economic worries in the euro zone.