Boeing Drops; Dow Loses 16

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) - 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»

Banks' continued troubles unnerve investors

(NEWSER) - Stocks finished just barely in positive territory today, MarketWatch reports. Nervousness about US banks’ continued need for government funds dropped the Dow below 8,000, but bargain-hunters pushed the index higher, and it closed at 8,212.49, up 12.35 points on the day. The Nasdaq rose 22.20, settling at 1,511.84, and the S&P 500 added 1.12, closing at 843.74. More»