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The Stock Market Crashed Monday. But Not Really

Websites mistakenly shared incorrect test data showing various stocks at $123.47

(Newser) - In browsing finance websites Monday, investors may have mistakenly thought they'd gained millions or billions of dollars—or lost as much. In reality, Google Finance, Yahoo Finance, CNNMoney, and Bloomberg mistakenly reported Monday that share prices for a variety of companies were exactly the same: $123.47, reports CNNMoney... More »

Across the World, a Black Friday

The markets are reeling

(Newser) - Brace yourself for an "ugly open," America, warns MarketWatch in dubbing today "the most volatile and frightening trading day" the world has experienced since China fears rocked markets last August. The Brexit shocker sent Dow Jones futures plunging as much as 700 points, though as of this... More »

Dow Jumps 200 on Deal Reports

Market breathes a sigh of relief

(Newser) - Investors sprang into action today on reports that a Senate deal to reopen the government and raise the debt limit "is in hand," sending stocks soaring. At one point the Dow was up as much as 200 points in midday trading, and as of 11:39am was still... More »

Nasdaq Resumes Trading After Technical Glitch

Exchange was down about 3 hours

(Newser) - Nasdaq is back in business after an apparent technical glitch brought the exchange to a rare halt this afternoon for more than three hours, reports the Wall Street Journal . The exchange hasn't fully explained what happened, but trading of all Nasdaq securities ground to a halt just after noon... More »

Dow Passes All-Time High

Stocks soar at open after positive report from China

(Newser) - The Dow Jones Industrial Average reached its highest level ever just after the opening bell this morning, thanks in part to China's pronouncement that it would be maintaining its growth target. As of 9:51, the Dow was up 103 points, to 14,231. Its previous high, set in... More »

Dow Plunges 300+ on Obama Win

Fiscal cliff worries loom

(Newser) - Wall Street wasn't exactly cheering over President Obama's reelection. Stocks have been positively plunging all morning, with the Dow down 338 points, the S&P falling 37, and the Nasdaq dropping 79 as of 11:30am. With Washington's makeup essentially unchanged, investors were worried about the oncoming... More »

Dow Plunges 200 on Bad Earnings

Stocks suffer biggest drop since June

(Newser) - Stocks plunged at the open today, with the Dow falling more than 200 points, sending it to its lowest level in seven weeks. As of 10:22am the Dow was down 206, while the Nasdaq and S&P were down 30 and 20 points respectively. The major cause for the... More »

Key Groupon Investors Ditch the Troubled Stock

Critics say big pre-IPO investments overvalued the company

(Newser) - With Groupon having lost three-quarters of its IPO value, several of its key early investors, including web icon Marc Andreessen, have left the building, reports the Wall Street Journal . Andreessen's firm, Andreessen Horowitz, invested $40 million of the $950 million pumped into Groupon in the months before it went... More »

UBS to Sue Nasdaq Over Facebook IPO

Bank slams 'gross mishandling' of debut after losing $356M

(Newser) - More fallout from the Facebook IPO: UBS is planning to sue Nasdaq over a market debut that resulted in $356 million in losses for the Swiss bank. "As a market maker in one of the largest IPOs in US history, we received significant orders from clients," UBS said.... More »

Spain Panic Sends Dow Down 200+

Spanish bonds hit dizzying high

(Newser) - The Dow took a nosedive this morning, as did markets the world over, after Spanish media reported that up to six regions may need assistance from the federal government, sending the yields on Spanish 10-year bonds to a new high of more than 7.5%. The Dow plunged 237 points... More »

Nasdaq: We Owe Industry Apology Over Facebook IPO

It's offering clients $40 million to cover losses

(Newser) - Nasdaq is offering $40 million in cash and rebates to its clients to make up for the glitches during the Facebook IPO, reports Reuters . One problem: Total claims by firms who lost money because of the technical snafus could reach $150 million to $200 million, say two senior finance execs.... More »

Dow Plummets 200+ Points

Weak jobs report leads to market troubles

(Newser) - The Dow's gain for the year is gone, thanks to today's terrible jobs report . The Dow fell more than 200 points following the report, according to the AP . At 11am EDT, it was at 12,170, down 224 points. That's a loss of about 0.3% for... More »

Facebook IPO Cost Market Makers $100M

Nasdaq, market makers argue about who will eat losses

(Newser) - The technical glitches at Nasdaq that made Facebook's troubled IPO into an even bigger bungle cost four of Wall Street's biggest market makers big time—probably more than $100 million, reports Reuters . Trades are supposed to be honored in milliseconds, but technical problems delayed the social networking giant'... More »

Facebook Backers Helped Short Sellers

Morgan Stanley adjusting thousands of first-day trades

(Newser) - Some traders at the underwriters of Facebook's bungled IPO were busy aiding short sellers who bet the stock would drop in the days after its debut, the Wall Street Journal finds. Insiders say traders at JPMorgan and Goldman Sachs were loaning out the shares hedge funds needed to bet... More »

Investor Sues Nasdaq as Facebook Drops Again

Lawsuit says exchange mishandled the IPO

(Newser) - Nasdaq has admitted that it bungled the Facebook IPO , and now an investor wants to make the exchange pay up. Maryland's Phillip Goldberg sued Nasdaq on behalf of all those who lost money because the exchange delayed their orders on the chaotic opening day, reports Reuters . He seeks class-action... More »

Nasdaq: We Bungled Facebook IPO

CEO Robert Greifeld: Nasdaq is 'humbly embarrassed'

(Newser) - Nasdaq admitted today that it mishandled Facebook's record-busting IPO on Friday with maddening delays and technical glitches, the Wall Street Journal reports. "This was not our finest hour," said Nasdaq CEO Robert Greifeld, who called his exchange "humbly embarrassed." Nasdaq's board met today, he... More »

Facebook IPO Ends Flat: Right Back at $38

Shares don't fare as well as expected

(Newser) - Facebook's big day is over, though its IPO didn't meet Wall Street's expectations. Some highlights:
  • Rise and fall: Shares opened at $38, rose quickly to $42, then sank again to $38 before underwriters stepped in to keep the price up, reports the Wall Street Journal . Shares closed
... More »

Facebook's First Trades: Shares Climb, Cool Off

Company doesn't see expected 'pop'

(Newser) - Facebook has seen a mixed start to its IPO: Initially priced at $38 each , shares in the company quickly jumped about 11%, opening at $42. But things cooled off, and at one point in the first half-hour, shares were back down to about $38, notes the Wall Street Journal . They... More »

Lawsuit Could Wipe Out Facebook IPO Windfall

...but bids in Germany have hit $74 a share

(Newser) - By the time you read this, Facebook shares will likely have begun trading ( or not ). But the hoopla around the IPO was slightly dampened today, thanks to a mammoth class-action privacy lawsuit filed against it. The case combines 21 separate suits accusing Facebook of tracking users even when... More »

Facebook's IPO Day Is Here —and Nasdaq Braces Itself

Trading opens at 11am ET

(Newser) - Facebook shares will go on sale at long last today, in the biggest tech IPO in US history—and Nasdaq is desperate to make sure nothing goes wrong. Facebook has set an initial price of $38 per share, meaning it will make some $16 billion on the sale. Trading will... More »

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