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October 11, 2008 2:35:43 AM CDT

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Stories related to: financial sector

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  • October 2008

    • Stocks Rise on Opening Bell

      Wall Street Journal  |  Oct 3, 08 8:48 AM CDT

      Stocks Rise on Opening Bell

      (Newser) - Stocks climbed higher today, buoyed by Wells Fargo’s deal to snatch Wachovia from Citigroup. The Dow is up more than 100 points in early trading, while the Nasdaq and S&P rose 1.7% and 1.5%, respectively. Seemingly ignored was a worse-than-expected employment report, which showed the sharpest drop in nonfarm payrolls since 2003, the Wall Street Journal reports. Many investors were also remaining on the sidelines, awaiting today's House bailout vote. More »

      Tags

      Financial Crisis  • Dow Jones  • stock market  • Citigroup  • markets  • Wachovia  • Wells Fargo  • financial sector

    • Depression, No—but That Lesson Is Vital

      New York Times  |  Oct 1, 08 4:20 PM CDT

      Depression, No—but That Lesson Is Vital

      (Newser) - Constant references to the Great Depression aren’t alarmist, but the analogy isn't perfect, either, writes David Leonhardt in the New York Times. "The basic mechanics of how the economy might fall into a severe recession look quite similar to those that caused the Depression," he explains. "In both cases, a credit crisis is at the center of the story." More »

      Tags

      Financial Crisis  • economy  • subprime crisis  • credit market  • financial sector  • bank failure  • Great Depression

  • September 2008

    • Senate to Tweak Bailout —But not Much

      Bloomberg  |  Sep 30, 08 1:39 PM CDT

      Senate to Tweak Bailout —But not Much

      (Newser) - Senators are scrambling to revive legislation for the financial bailout after its surprise failure in the House yesterday, but must strike the right balance to attract new House votes without driving away initial supporters, Bloomberg reports. House Republicans want an expanded role for the FDIC in the bailout and for the SEC to assess the real value of the troubled securities before the government buys them. More »

    • New Rescue Hopes Lift Stocks

      Wall Street Journal  |  Sep 30, 08 8:44 AM CDT

      New Rescue Hopes Lift Stocks

      (Newser) - Stocks rose at the open today, as traders bet on a new rescue plan and picked over the wreckage of yesterday’s record-setting drop. The Dow rose almost 218 points, while the Nasdaq and S&P were up 2.5% and 2.6% respectively. “After the absolute carnage we had yesterday there's inevitably going to be some bargain hunting,” said one trader. “Markets are pinning their hopes that a deal can be reached by the end of the week.” More »

      Tags

      Dow Jones  • bailout  • economy  • markets  • financial sector

    • Charlotte Booms Amid Bust

      Time  |  Sep 28, 08 6:15 PM CDT

      Charlotte Booms Amid Bust

      (Newser) - As the rest of the nation struggles through the mortgage bust, Charlotte, NC, is experiencing a boom, Time reports. The pro-business Southern city—home of Bank of America and eight other Fortune 500 firms—manages $2 trillion in assets, making it the second-largest financial center in the US behind New York. Though Charlotte isn’t as sexy a metropolis as Manhattan, the city is quickly shedding its image as a sleepy backwater town. More »

      Tags

      financial sector  • financial institutions  • banking industry  • Charlotte

    • Stocks Sink; Bush Pledges Deal

      Wall Street Journal  |  Sep 26, 08 8:52 AM CDT

      Stocks Sink; Bush Pledges Deal

      (Newser) - Socks plummeted today as confidence in the federal bailout program evaporated and investors absorbed the collapse of Washington Mutual. The Dow fell 140 points after the opening bell, while the Nasdaq dropped 2.2% and the S&P fell 1.7%, the Wall Street Journal reports. President Bush gave a brief statement promising that Congress was working toward a deal and would "get a package passed," but he offered no details. "There is no disagreement that something substantial should be done," Bush said. More »

      Tags

      stock market  • bailout  • markets  • Wachovia  • Washington Mutual  • financial sector

    • Raise Your Hand if You Want Part of the Bailout

      New York Times  |  Sep 22, 08 8:03 AM CDT

      Raise Your Hand if You Want Part of the Bailout

      (Newser) - Where there’s $700 billion of government money, there are lobbyists. Financial institutions are jockeying for their piece of the massive bailout bill that’s being rushed through Congress, the New York Times reports, with everyone from insurers to mortgage lenders looking to profit by unloading assets under the most favorable terms. Competition is also fierce to manage those assets once the government acquires them, a $1 billion-per-year job. More »

      Tags

      Financial Crisis  • bailout  • economy  • Treasury Department  • financial sector  • financial institutions

    • Cheer Up! Total Financial Market Meltdown Isn't All Bad

      Bloomberg  |  Sep 18, 08 1:15 PM CDT

      Cheer Up! Total Financial Market Meltdown Isn't All Bad

      (Newser) - For a dedicated silver-lining hunter like Michael Lewis, there are plenty of upsides to the total collapse of the US financial system. “A lot of attractive office space seems to be opening up in midtown Manhattan, for instance,” he writes in Bloomberg. Here are five other reasons to celebrate: We get to see what’s inside big Wall Street firms. Lehman Brothers’ smoldering pile of liabilities should prove illuminating. More »

      Tags

      subprime crisis  • Lehman Brothers  • credit market  • financial markets  • financial sector

    • WaMu Gets OK to Raise Capital as It Seeks Sale

      Wall Street Journal  |  Sep 18, 08 7:00 AM CDT

      WaMu Gets OK to Raise Capital as It Seeks Sale

      (Newser) - Washington Mutual is attempting to raise capital or sell itself, the Wall Street Journal reports, and it got a big boost in that effort yesterday from TPG. The private equity firm, which sunk $7 billion into WaMu in April, waived a clause that would have effectively prevented the thrift from issuing new stock. WaMu has instructed its adviser, Goldman Sachs, to assess strategic options, including a possible sale. More »

      Tags

      credit market  • private equity  • Washington Mutual  • financial sector

    • Dow Plunges 449 Points

      Wall Street Journal  |  Sep 17, 08 3:41 PM CDT

      Dow Plunges 449 Points

      (Newser) - Stocks plummeted again today as insecurity about the financial system gripped the markets, the Wall Street Journal reports. The AIG bailout proved to be of little comfort to traders, who quickly began betting on the next big firm to fall. The Dow closed down 449.36 points to 10,609.66. The Nasdaq fell 109.05, closing at 2,098.85, and the S&P 500 lost 57.21 points, settling at 1,156.39. More »

      Tags

      Financial Crisis  • Dow Jones  • credit crisis  • S&P 500  • Nasdaq  • Goldman Sachs  • AIG  • Morgan Stanley  • financial stocks  • financial sector

    • Stocks Dive at Open on AIG Save, Weak Housing Starts

      Wall Street Journal  |  Sep 17, 08 9:05 AM CDT

      Stocks Dive at Open on AIG Save, Weak Housing Starts

      (Newser) - Stocks took a nosedive at the opening bell, with the Dow falling 190.28 points within minutes, as the market absorbs an AIG bailout that prevented a body blow to the economy but was none too friendly to shareholders, the Wall Street Journal reports. The insurer fell 21% at the opening bell, leading a wide decline in financials. Housing starts also came in below analyst estimates for August, falling 6.2% to a 26-year low. More »

      Tags

      Financial Crisis  • Dow Jones  • stock market  • stocks  • AIG  • financial sector  • housing starts

    • After Big Drop, Stocks Hold

      Wall Street Journal  |  Sep 15, 08 11:51 AM CDT

      After Big Drop, Stocks Hold

      (Newser) - Stocks have taken a beating today, with the Dow off more than 300 points early, the Wall Street Journal reports, but there’s been a noticeable lack of panic among traders. If the current loss holds steady, it will represent just the sixth-worst day this year, despite the massive upheaval of the weekend. More »