Hot on Facebook

Guy Buys $123 Safe on eBay, Finds $26,000 Inside Seller tries to get half the cash back, fails »

Markets Up Big on Earnings

Limited losses by JPMorgan, Wells Fargo key best jump in two weeks

By Sam Gale Rosen, Newser Staff

Posted Apr 16, 2008 3:42 PM CDT

(Newser) – Stocks staged a rally today on the strength of profit reports from JP Morgan and Intel. "The bear market is bottoming, and folks are beginning to look beyond the valley of widely known problems to better times ahead," a strategist tells the Wall Street Journal. The Dow ended up 256.80 to 12,619.27, the Nasdaq 64.07 to 2,350.11, and the S&P 30.28 to 1,364.71.

Wells Fargo also posted revenue growth and an optimistic forecast, Bloomberg notes. Some economists disagree that the US is on the verge of a recovery, however. "All the numbers we see keep getting worse," the president of one money-management firms said. "It's just not clear to me what would be the catalyst."

Salvatore Gentile, center, talks with fellow traders on the floor of the New York Stock Exchange, Wednesday, April 16, 2008. (AP Photo/Henny Ray Abrams)

Jacqueline Bucello of UBS Securities monitors early trading at the New York Stock Exchange, Wednesday, Apr. 16, 2008. (AP Photo/Henny Ray Abrams)

« Prev« Prev | Next »Next » Slideshow

To report an error on this story, notify our editors.

More Newser Stories

JPMorgan Earns $3.6B, Despite Loan Losses

Market soars as investment profits give bank strong 3rd quarter

(AP) - JPMorgan Chase reported strong third-quarter earnings today as its thriving investment banking business more than offset rising consumer loan losses that the bank warned would continue. The company, the first of the big banks to report, showed a $3.59 billion profit, or 82 cents per share. But it also roughly doubled the amount of money it set aside for failed home and credit card loans in the quarter, saying credit losses would remain high "for the foreseeable future." More»

Calif., NY May Sign On to Robo-Signing Settlement

Obama administration nearing deal for mortgage relief

(NEWSER) - California and New York are close to signing on to the Obama administration's multibillion dollar mortgage robo-signing settlement, significantly expanding the deal, the New York Times reports. If California signs on, the settlement total will jump from $19 billion to $25 billion. In exchange, the states want measures to help individual homeowners, and the ability to investigate the banks' other past mortgage misdeeds. California also wants to ensure that big pension funds can still sue the banks for false claims about mortgage-backed securities. More»

BofA Offers More Ways Around $5 Debit Fee

$20K minimum balance isn't the only option

(NEWSER) - Turns out Bank of America customers won't have to maintain a $20,000 bank account to avoid monthly debit fees after all. With other banks canceling debit fee plans, BofA will now offer customers other means of avoiding its $5 monthly debit card payment —like having paychecks directly deposited, or using the bank's credit cards. Or customers can simply pay a $9-to-$20 monthly fee to avoid further penalties, Reuters reports. More»

States Offer Banks Immunity From Mortgage Lawsuits

In exchange for up to $25B payoff

(NEWSER) - State prosecutors are offering big banks an expensive Get Out of Lawsuits Free card. Prosecutors have offered a variety of banks caught up in the “robosigning” scandal immunity from some litigation in exchange for a total of $10 billion to $25 billion in penalties, the Financial Times reports. Some officials think the immunity being offered is far too broad; as written, it could potentially free the banks from lawsuits related to their securitization practices, or at least impede cases related to it. More»

Audits: Top Mortgage Firms Defrauded Taxpayers

Confidential reports could lead to prosecutions

(NEWSER) - A set of confidential audits could lead to fraud prosecutions for five of America’s biggest mortgage lenders, officials briefed on the documents tell the Huffington Post . The scathing documents accuse Bank of America, Wells Fargo, JPMorgan Chase, Citigroup, and Ally Financial of defrauding taxpayers by making false claims about foreclosures on homes purchased with government-backed loans, according to the officials. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Markets Up Big on Earnings

Limited losses by JPMorgan, Wells Fargo key best jump in two weeks

OTHER STORIES ON OUR RADAR

stock market • Intel • Wells Fargo • corporate earnings • JPMorgan Chase

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

JPMorgan Earns $3.6B, Despite Loan Losses

Market soars as investment profits give bank strong 3rd quarter

Calif., NY May Sign On to Robo-Signing Settlement

Obama administration nearing deal for mortgage relief

BofA Offers More Ways Around $5 Debit Fee

$20K minimum balance isn't the only option

States Offer Banks Immunity From Mortgage Lawsuits

In exchange for up to $25B payoff

Audits: Top Mortgage Firms Defrauded Taxpayers

Confidential reports could lead to prosecutions

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?

Markets Up Big on Earnings

Limited losses by JPMorgan, Wells Fargo key best jump in two weeks

Bookmark & Share

OTHER STORIES ON OUR RADAR

stock market • Intel • Wells Fargo • corporate earnings • JPMorgan Chase

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

JPMorgan Earns $3.6B, Despite Loan Losses

Market soars as investment profits give bank strong 3rd quarter

Calif., NY May Sign On to Robo-Signing Settlement

Obama administration nearing deal for mortgage relief

BofA Offers More Ways Around $5 Debit Fee

$20K minimum balance isn't the only option

States Offer Banks Immunity From Mortgage Lawsuits

In exchange for up to $25B payoff

Audits: Top Mortgage Firms Defrauded Taxpayers

Confidential reports could lead to prosecutions

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?