Stocks Dive on Citigroup News

Drop in oil prices help stocks finish slightly higher

(NEWSER) - Stocks posted moderate gains today as oil futures dropped below $135 per barrel on news of China's move to raise prices by trimming subsidies, MarketWatch reports. With traders little moved by warnings of further writedowns ahead for Citigroup, the Dow closed up 34.03, at 12,063.09. The Nasdaq gained 32.36, closing at 2,462.07, and the S&P 500 rose 5.02 to settle at 1,342.83. More»

Citigroup's big drop keys bad day for financials

(NEWSER) - Stocks fell today amid a new wave of recession concerns, Bloomberg reports. A big drop by Citigroup led financials to their worst plunge in almost two weeks, and oil prices jumped back up after inventory showed supply unchanged from last week. The Dow ended down 109.74 to 12,422.86, the Nasdaq off 16.69 to 2,324.36, and the S&P 11.86 to 1,341.13. More»

'Fat finger trade' likely triggered trader panic

(NEWSER) - What's known in the business as a "fat finger" trade may have been responsible for yesterday's stock market chaos, analysts say. Multiple sources believe a trader at a major firm—possibly Citigroup—hit a "B" instead of an "M" while trading Procter & Gamble shares, selling a billion shares instead of a million , and sending the Dow Jones on a panicky rollercoaster ride. Major exchanges are also examining possible erroneous trades in multiple stocks that triggered glitches in the trading system, notes the Wall Street Journal. More»

Indices all post solid gains for the week

(NEWSER) - Stocks posted gains today, closing out a strong week as consumer stocks saw advances, the Wall Street Journal reports. Procter & Gamble gained 3.21% after Citigroup upgraded the firm’s shares to “buy.” Optimism about a recovery in consumer spending drove Starbucks up 3.64%, with PepsiCo and Philip Morris also gaining about 1%. The Dow added 36.28 points to close at 9,820.20. The Nasdaq rose 6.11, settling at 2,132.86, and the S&P 500 gained 2.81to close at 1,068.30. More»

(NEWSER) - CEOs and investors have springs in their steps. After a week full of positive earnings reports, many now believe worst is over, the Wall Street Journal reports. Yesterday saw a slew of reports that matched or beat estimates, including Motorola, Goodyear, Sony, and Kellogg Co. The economy “has found bottom,” says Dow Chemical’s CEO, “but will be slow in recovering.” More»