Hurricane Ike takes a backseat to the the banking storm: BofA pulls out of Lehman to focus on Merrill Lynch. By late Saturday night, a deal has been drafted to acquire Lehman's bad assets and pave the way for an eventual sale of the firm.
Stocks struggled to push higher Friday as consumer confidence improved and economic bellwether FedEx raised its earnings forecast. But profit-taking after a five-day rally clipped gains.
US stock index futures pointed to a slightly lower open Friday, with investors taking a breather after five straight sessions of gains.
False optimism wars with bad omens. Lehman Brothers gained 5 percent following news that Ospraie Fund, a commodities fund in which Lehman had a 20 percent stake, was closing and would return money to investors after incurring big losses in 2008. The dollar hit an 11-month high against the euro, as belief spread that the credit crunch tsunami would turn on Europe—and that the U.S. had already weathered the worst.
Asia has already emerged more forcefully from recession than the U.S. and Europe and that upturn is starting to feed into the job market. Hiring is starting to pick up again, recruiters and bankers say.
A lifeline from South Korea for troubled investment bank Lehman Brothers appeared in doubt on Wednesday as the bank leading the plan said nothing had been decided, and other lenders denied interest in taking part.
The rally on Wall Street began to fade Monday, with the S&P and Nasdaq turning negative, after a global rally that had spilled over into U.S. trading this morning. Read and listen to what the pros had to say...
Stanford investors are suing five banks, including two in the US, that handled billions of dollars in customer deposits for Stanford International Bank in Antigua, the offshore bank at the heart of the alleged Ponzi scheme.
Natural gas prices have been plummeting over the past few weeks to a 7-year low while oil is climbing to 2009 highs. Addison Armstrong, director of market research at Tradition Energy, and Peter Beutel, president of Cameron Hanover, discussed their outlooks.
The recent stock market rally has not deterred investors from pouring millions into municipal bond funds. Weekly inflows have topped $900 million over the past few weeks according to AMG Data Services.
Stocks rallied to their highest closes since November Monday following encouraging economic reports from the U.S. and abroad and following news that auto sales got a boost from the "Cash for Clunkers" program.
Economy: better signs. Markets driven by stronger economic news and commentary from banks and autos.
Stocks rallied Monday after a pair of encouraging reports on the manufacturing sector, plus strong bank earnings out of Europe and expectations for strong auto sales. The S&P briefly topped 1,000, a level it hasn't seen since November.
The S&P will hold at the 1,000 level as we’re finally starting to exceed some of the “horrible expectations” from analysts, said Michael Yoshikami, president and chief investment strategist at YCMNET Advisors.
After the Dow ended with its best July in two decades, stocks are starting August on a strong note. Strength this morning is stemming from strong manufacturing data out of Europe and China, earnings out of a couple of major European banks, and optimism over July Ford auto sales.
Stocks got a quick pop at the open Monday after some strong bank earnings out of Europe and expectations that auto sales will show a boost from the "Cash for Clunkers" program. But the rally quickly fizzled.
Stock index futures indicated a strong opening for Wall Street Monday, helped by European markets that hit a broader-index high for the year on better-than-expected bank earnings.
After better-than-expected results from Goldman Sachs and JPMorgan Chase this week, Ralph Silva, director at TowerGroup, told CNBC the disparity between them and the rest of the banks in the U.S. has widened so much that there is no longer any competition within the U.S. banking sector.
First, let me give you a funny story about my experience blogging about Annemarie Dooling, the young lady who Tweeted during a bank robbery yesterday in Manhattan. After reading her account of what happened on Twitter, I wanted to confirm there had actually been a bank robbery. The web folks wanted to make sure we weren't being punked.
JPMorgan tops a list of the world's strongest banks, while Royal Bank of Scotland suffered the biggest loss of any lender last year, according to new industry rankings on Wednesday.