Patti Domm is CNBC executive news editor, responsible for news coverage of the markets and economy. Prior to joining CNBC in 1999 as senior news editor, Domm was the equities editor for the Americas at Reuters. She was also Wall Street editor at Reuters, reporting on mergers, acquisitions and the Street. She also edited three CNBC books on personal investing. Domm serves on the board of the Financial Womens Association of New York.
Wall Street prepares for lift off on the opening amid calmer credit markets, higher world stock markets and some merger news. European stock markets are comfortably higher, and Asia closed higher though Japan stocks were flat on the rising yen.
Wall Street is set for a higher open after world stock markets rebounded in a Fed-inspired relief rally. Tokyo stocks were up 3%, the biggest gain in more than a year, in its first trading day since the Fed move. European stock markets, up sharply Friday, continue to rise this morning.
The Fed rode to the rescue this morning, throwing a life line to financial institutions with a half point cut in its discount rate. It also ignited a new debate about whether there's a cut to the target Fed funds rate at its September meeting.
Credit worries cling to the stock market like fleas to a dog. One of today's headaches came from the Canadian asset-backed commercial paper market which traders here are eyeing nervously. Meanwhile, U.S. brokerage stocks and banks have been pulled into a spiral of selling, amid rumors that any one of the firms is facing credit issues. "They're all getting beaten with the ugly stick today," said Fast Money's Jeff Macke on Power Lunch today.
Odds are against the stock market's aging bull making it through a sixth year, but this is no ordinary bull market.
Names on the move ahead of the open.
The end of another strong week for stocks brings the payrolls report, and Wall Street is braced for another low number.
Banks lead this week after underperforming this year. Rising rates provide a boost.
Patti Domm is CNBC Executive Editor, News, responsible for news coverage of the markets and economy.
A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.
Sharon Epperson is CNBC's senior commodities and personal finance correspondent.
JeeYeon Park is a writer for CNBC.com. Follow her on Twitter: @JeeYeonParkCNBC
Rick Santelli joined CNBC Business News as an on-air editor in 1999, reporting live from the floor of the Chicago Board of Trade.
Senior Producer at CNBC's Breaking News Desk.
Stocks rose to new highs as investors reacted to strong home-price gains and a jump in consumer confidence.
Not only has job growth been slow, but too many new jobs have paid poorly. That could change in the coming year.
Santa's sleigh delays; frothy tech values; more 'wisdom' from McDonald's. Here are the week's market winners and losers.