Stories related to: stock market

The markets slid into negative territory after Ben Bernanke's Congressional testimony on the state of the economy today, but trading was generally low-key. "Flat is good," an economist told the Wall Street Journal . "People are getting their nerve back." The Dow ended down 45.44 at 12,608.92, the Nasdaq down 1.35 at 2,361.40, and the S&P 500 down 2.65 at 1,367.53. More »

The Dow leapt almost 400 points today, the best kickoff to a second quarter since 1938. Lehman Brothers and UBS announced plans to raise capital, cheering investors and convincing many that big banks can work through the credit crisis, Bloomberg reports. The Dow ended up 391.47 at 12,654.36, the Nasdaq 83.65 at 2,362.75, and the S&P 500 47.48 at 1,370.18. More »

Lehman Brothers is selling $3 billion in new shares to allay fears after its stock dropped 42% this year, Bloomberg reports. "We still maintain that we don't need capital, but we've realized that perception is the dominant issue in today's markets,'' said CFO Erin Callan. Lehman fell up to 48% this month on rumors that it lacked cash and faced a Bear Stearns-style meltdown. More »

Stocks closed up today as the year's dismal first quarter came to an end. Lower oil prices, improved business activity and a favorable reaction to Treasury Secretary Henry Paulson's new regulation plan helped to boost the markets, Bloomberg reports. The Dow ended up 46.49 to 12,262.89, the Nasdaq rose 17.92 to 2,279.10, and the S&P 7.48 to 1,322.70. More »

The markets fell today on weak news from the tech and financial sectors. The Dow dropped 120.16 points to 12,302.7, the Nasdaq fell 43.53 to 2,280.83, and the S&P closed down 15.36 at 1,325.77, MarketWatch reports. Disappointing results from bellwethers Oracle and Google sent techs downward, and Lehman Brothers, Bank of America, and JP Morgan also had bearish news. More »

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 »

Markets took a breather today after several wild sessions and ended in mixed territory. Lousy news on consumer confidence and a big drop in home prices were balanced by surging commodity prices and Monsanto's stellar earnings report. The Dow ended down 16.04 at 12,532.60, the Nasdaq up 14.30 at 2,341.05, and the S&P 500 up 3.09 at 1,352.97. More »

Certainly, the 8-month-old credit crisis is serious, but the market turmoil is unlikely to kick off the next Great Depression, financial markets editor Mike Dolan writes for Reuters. "You could be forgiven for thinking we will all soon be hoarding food and reverting to a barter economy," he snipes, but the real issue is psychological: "The problem is lack of confidence." More »

Stocks ended up today, thanks to JPMorgan's increased bid for Bear Stearns and unexpectedly strong monthly home-sales data. Still, investors remained cautious, the Wall Street Journal reports. "Who knows if there's going to be another Bear Stearns out there?" an analyst asked. The Dow finished up 187.32 at 12,548.64, the Nasdaq 68.64 at 2,326.75, and the S&P 20.31 at 1,349.82. More »

Stocks slid fast today as commodity prices plunged. Investors rebalanced their portfolios after pumping cash into commodities such as gold and oil for insurance against seesawing stocks, the Wall Street Journal reports. The Dow ended down 293 points to 12,099.66, the Nasdaq 58.3 to 2,209.96, and the S&P 32.2 to 1,298.54. More »

Visa pulled in almost $18 billion in its initial public offering yesterday, the San Francisco Chronicle reports. The credit card company's IPO was the biggest by far in US history and the second biggest ever. The $44-per-share price investors paid was $2 higher than the company's highest estimate, and the price is expected to rise steeply when the shares hit the New York Stock Exchange this morning. More »

Stocks blasted off today, with the Dow up more than 400 points after the Fed rate cut and a rally by investment bank stocks. "The run on the investment banks would appear to be over,'' a strategist told Bloomberg. The Dow ended up 420.41 at 12,392.66, the Nasdaq up 91.25 at 2,268.26, and the S&P 500 up 54.14 at 1,330.71. More »

Stocks seesawed throughout the day, finally ending today's session mixed, with the Dow closing up. The markets struggled to rebound from serious losses sustained after Bear Stearns' fire sale; buyer JPMorgan Chase's stock closed up 11%. The Dow ended up 21.16 at 11,972.25, the Nasdaq down 35.48 at 2,177.01, and the S&P 500 down 11.54 at 1,276.70. More »

Stocks steadied after steep early morning losses today, with the Dow actually rising 1.06 points by mid-morning, the Wall Street Journal reports. But financials were still down big, as the Bear Stearns fire sale loomed large over the market. Lehman Brothers, down 22%, was hit the worst, other than Bear itself, which nosedived 87%. Still, at $3.79, it remained stubbornly above its $2 buyout price. More »

JP Morgan has agreed tonight to buy Bear Stearns for a scant $2 a share, a bargain-basement price—stock closed at $30 a share—that demonstrates the urgency of staving off the collapse of the venerable investment bank and widespread panic in financial markets, the AP reports. The Bush administration and Federal Reserve have reportedly approved the all-stock sale, which was rushed today under federal oversight to avoid Stearns filing for bankruptcy, the New York Times reports. More »

A perfect storm of economic maladies has the US economy reeling on the edge of recession and officials struggling to limit the damage it causes, reports the New York Times. But many economists say there isn’t much the government or policy makers can do besides batten down the hatches and, in the words of a Charles Schwab analyst, “let the system wash it out.” More »

Markets shot up early today, then flattened out and ended down as record oil and gas prices put a damper on things. Per-barrel oil prices hit $110.20 before landing at $109.92, the Wall Street Journal reports. The Dow ended down 46.57 to 12,110.24, the Nasdaq 11.89 to 2,243.87 and the S&P 11.88 to 1,308.77. More »

The Fed's plan to ease the credit crisis sent stocks roaring today; by the closing bell, the Dow was up by more than 400 points. Financials led the way, reports the Wall Street Journal, with massive gains by Citigroup and American Express. The Dow closed up 416.66 at 12,156.81, the Nasdaq up 86.42 at 2,255.76, and the S&P 500 up 47.28 at 1,320.65. More »

PC makers are increasingly setting their sights on markets outside the US, which are making up an ever-larger share of the worldwide computer market, USA Today reports. PC sales are growing in the US, still the world’s largest market, but are rising much faster elsewhere. Last year, the US accounted for 26% of worldwide sales, compared to 35% 5 years ago. More »

Japan’s Nikkei fell 3.3% and Australia’s S&P/ASX2000 dropped 3.2% as woeful US economic news—including rising foreclosures, worsening homeowner debt and impending credit defaults—sent Asian markets reeling, the Associated Press reports. Investors also worried that a key jobs report to be released this morning would show a rise in US unemployment, which would further hurt already depressed Asian exports. More »