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NEWS ABOUT: financial sector

Health Care Nudges Dow Up 58

(Newser) - Markets were up today on a strong performance from the volatile financial sector and continued gains for health-care stocks, the Wall Street Journal reports. Investors are confident that President Obama's health reform will be whittled down, leaving room for industry profits. The Dow was up 58.42, to 8,555.... More »

On Financial Reforms, Obama Is No FDR

Proposed regulatory fixes don't actually fix much: Nocera

(Newser) - President Obama is hardly living up to the hype on fiscal regulatory reform, and he's not matching Franklin Roosevelt, either. When FDR reformed financial regulation, he transformed the industry, cheerfully making enemies in the process. Obama has been timid by comparison, writes Joe Nocera of the New York Times: “... More »

Obama Plan Puts Dow Off 7

(Newser) - Markets were mixed today as a perky health-care sector was held in check by poor performance in energy stocks and wariness over President Obama’s financial regulatory plan, the Wall Street Journal reports. Oil and commodities prices slipped as investors seemed to gird for a continued lull in consumer activity.... More »

Dow Adds 19 on Housing News

(Newser) - Good news from the housing sector outweighed bank troubles today for Wall Street, the Journal reports. Manufacturer Alcoa tacked on 6%, and a housing-industry group said sales in April made the biggest jump in 8 years. Financials fell after more banks announced plans to pay back TARP loans through stock... More »

CIA Wants You, I-Banker

(Newser) - The CIA is looking for a few good bankers to track down millionaire bad guys and stymie financial terrorism, the New York Post reports. Ads on Bloomberg Radio ask money whizzes to use their “intelligence for the work of a nation.” The $160,000 salary will probably be... More »

Dow Off 15 Despite Retail News

(Newser) - A strong retail sector and defensive buying ahead of the holiday weekend couldn’t correct a general malaise that left markets down slightly today, the Wall Street Journal reports. Sears was up 12% on a Q1 profit. Little movement in financials was welcome to some who believe the sector is... More »

Geithner: Pay Changes Ahead for Bank Execs

(Newser) - The Obama administration intends to push for “very, very substantial change,” in the way Wall Street pays executives, Treasury Secretary Tim Geithner tells Bloomberg. “I don’t think we can go back to the way it was,” he said, arguing that the current big-bonus status quo... More »

Fed's Fears Push Dow Off 53

(Newser) - Markets fell today after the Federal Reserve warned of a more prolonged recession than it previously expected, the Wall Street Journal reports. Financials and tech contributed to the plunge, which even a 6-month high in oil prices could not stop. “We’re just dealing with a stock market that... More »

Dow Up 235 on Housing Hopes

(Newser) - Markets rose significantly today on indications of a turnaround in the housing sector, the Wall Street Journal reports, with an industry confidence metric at its highest since September 2008. Financials—Bank of America was up 9.8%—led the S&P to a symbolic close above 900. The Dow was... More »

Stocks Start Week on Rebound

(Newser) - Stocks headed higher at today’s open, following a week of profit-taking that left the Dow and S&P down 3.6% and 5% respectively. The Dow was up 107 points, while the Nasdaq added 1.2% and the S&P 1.4%, including a 3% surge in financials. Lowe's... More »

Oil, Banks Steal 63 From Dow

(Newser) - Markets were off today on falling oil prices and a poor showing from the financial industry, the Wall Street Journal reports. The S&P energy index fell 2.4% and Bank of America, Pfizer, and Wal-Mart also saw declines. General Motors, whose low share price no longer significantly affects markets,... More »

Insider Trading Probe Targets 2 SEC Officials

Lawyers at regulator alleged to have traded financial stocks

(Newser) - Two lawyers with the SEC are under federal investigation for alleged insider trading, Reuters reports. The SEC's internal watchdog claims that they traded stock in a large financial services company, despite warnings from other employees that the company was under investigation. One of the two works in the SEC's Office... More »

Tech, Banks Push Dow Up 46

(Newser) - Markets climbed today on good performance by technology stocks and a rebound in the financial sector, the Wall Street Journal reports. A key bank index, which dipped earlier as financials sold stock to raise capital, was up almost 4%. The retail sector continued to struggle, with Wal-Mart off 1.9%.... More »

Stocks, Commodities Plunge

(Newser) - Stocks plunged at the open, as banks sold shares to raise capital, and consumer and commodity stocks took a pounding, the Wall Street Journal reports. The Dow was down 140, the Nasdaq down 1.8% and the S&P off 2.1. Oil producers were hit hard as crude fell... More »

Brokers Bail on Wall Street

Commissions shrinking as investors turn away from stocks

(Newser) - A rising number of stock brokers are abandoning the industry as markets fall and commissions dry up, the Wall Street Journal reports. More brokers have already departed this year than in any of the last 15 years, and experts expect the exodus to continue as investors shift assets out of... More »

Banks Get Stress Test Grades

Pandit out at Citi?

(Newser) - The nation's biggest banks will start to learn how they did on the dreaded stress test today, reports the New York Times. Though the public won’t learn the results until May 4, analysts are predicting that many of the 19 banks will have to raise large amounts of new... More »

How Wall Street Went Hollywood (and Brought Down Our Economy)

(Newser) - During the Great Depression, legend has it a group of Wall Street bankers went to Hollywood to see if it was worth investing in, only to be immediately repulsed by the brazen displays of wealth they saw there. Now that it's the bankers being pilloried for their excesses, writes Neal... More »

Bank of America Profit Trounces Estimates

(Newser) - Bank of America’s net income in the third quarter nearly tripled last year's, hitting $4.24 billion, or 44 cents a share, the company announced today, a figure that surpassed even the loftiest analyst expectations. The drastic turnaround will likely take pressure off embattled CEO Ken Lewis, who’s... More »

Feds May Reveal Which Banks Are Weakest

Results of 'stress tests' may go public

(Newser) - The administration may go public with some of its "stress test" results, which diagnose how well the country's 19 biggest banks will weather the financial crisis, insiders tell the Wall Street Journal. The administration has so far been treating all banks equally, but the stronger banks could soon be... More »

Banks Rally, But Dow Falls 26

(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... More »

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