Stocks Down, Led by Financials

Big gains for major banks ahead of earnings reports

(NEWSER) - Stocks staged a broad rally today as financials soared ahead of earnings reports, the Wall Street Journal reports. Bank of America surged 9%, while Citigroup and JP Morgan Chase rose 6.9%. General Electric, which will also report its second-quarter earnings this week, rose 6.1%. The Dow closed up 185.16 at 8,331.68. The Nasdaq added 37.18 to 1,793.21, and the S&P 500 rose 21.92, settling at 901.05. More»

Dow falls 289 on financial uncertainty

(NEWSER) - Stocks saw deep declines today as uneasiness over banking spilled into the broader market, the Wall Street Journal reports. Bank of America slid 22% on word of growing losses in its credit-card unit. Goldman Sachs, Citigroup and JPMorgan Chase also fell on reports of a Treasury move that may dilute shareholder value. The Dow lost 289.60 to close at 7,841.73. The Nasdaq shed 64.86, to 1,608.21, and the S&P 500 lost 37.21 to 832.39. More»

(NEWSER) - More bankruptcy rumblings from General Motors sent stocks down early today, but the blow was cushioned by good news from the financial sector, the Wall Street Journal reports. Citi and Bank of America had double-digit gains ahead of what are expected to be solid earnings reports. The Dow finished down 25.57 at 8,057.81; the Nasdaq rose 0.77, to 1,653.31; and the S&P 500 gained 2.17 to 858.73. More»

(NEWSER) - Stocks turned south this morning, as a series of downgrades and bad news for the Sun/IBM deal spooked investors ahead of earnings season, the Wall Street Journal reports. The Dow dropped 92, the S&P 12. Financials sank after a veteran analyst downgraded 11 major US banks. The Nasdaq fell 33, after a downgrade from Cisco and a report that the Sun takeover deal was in jeopardy. More»

Citigroup leads financials after announcing profitable January and February

(NEWSER) - Stocks rallied today as financials jumped on news of Citigroup’s profitable January and February, the Financial Times reports. Investors also were cheered by talk of reform from Ben Bernanke—who said the recession could end next year if all goes well—and Barney Frank. Citi, Bank of America, and JP Morgan all jumped at least 20%. The Dow rose 379.44 points to close at 6,926, its biggest single-day gain since November. The Nasdaq gained 89.64 points to close at 1,358, and the S&P 500 rose 43.07 to 720. More»