financial markets

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Robinhood Hit With Record $70M Penalty

Regulator says trading app misled customers

(Newser) - Controversial trading app Robinhood has been hit with what the Financial Industry Regulatory Authority say is the biggest penalty it has ever issued. The regulator has ordered the company to pay $57 million in penalties and around $13 million in restitution to customers over "systemic supervisory failures," USA ...

Tech Stocks Sag on Mixed Day for Wall Street
Dow's Winning Streak 
Ends as Tech Stocks Drop
MARKETS
Apr 28, 2020 3:46 PM CDT

Dow's Winning Streak Ends as Tech Stocks Drop

Microsoft, Apple, Amazon all finished down

(Newser) - Stocks ended lower on Wall Street Tuesday after an early gain evaporated, snapping the market's two-day winning streak. The losses were led by companies that have been investor favorites including Microsoft, Apple, and Amazon, the AP reports. The S&P 500 fell 0.5% Tuesday and the Nasdaq, which...

Oil Collapse Drags Stocks Down
Oil Chaos Deepens,
Drags Markets Down
MARKETS
Apr 21, 2020 3:49 PM CDT

Oil Chaos Deepens, Drags Markets Down

'There is so much oil sloshing around the world and so few people using it'

(Newser) - Oil's chaotic collapse deepened, and stocks around the world dropped on Tuesday as the economic carnage caused by the coronavirus pandemic turned markets upside down. The S&P 500 closed down 3% Tuesday, its second straight loss. Markets across Europe and Asia had similar drops. Oil prices crumbled again...

Stocks Plunge Amid Uncertainty Over Virus
Dow Falls More Than
600 Points Amid Virus Scare
updated
Jan 31, 2020 3:15 PM CST

Dow Falls More Than 600 Points Amid Virus Scare

Technology stocks lead the losses, with Apple falling 3.9%

(Newser) - Stocks plunged on Wall Street as investors feared that a virus outbreak that originated in China will dent the global economy, the AP reports. Technology companies, which do a lot of business with China, led the losses. Airlines fell after Delta and American suspended flights to and from China. The...

Guru: Exercise Titan Is So Done
Guru: Exercise Titan Is So Done
Dec 11, 2019 4:48 PM CST

Guru: Exercise Titan Is So Done

Andrew Left at Citron Research sees dark days ahead for Peloton

(Newser) - Peloton's month could get worse—we're just not sure how. First, a company commercial was widely panned and inspired a tongue-in-cheek response . Then stock fell, and kept falling this week. Now an esteemed short seller predicts that Peloton shares will plunge to just $5 in 2020, CNN Business...

No Mail on Wednesday to Honor Bush
USPS Shuts Down
to Honor Bush 
Dec 4, 2018 8:00 AM CST

USPS Shuts Down to Honor Bush

NYSE, Nasdaq will also be closed

(Newser) - The US Postal Service "will suspend regular mail deliveries, retail services and administrative office activity" on Wednesday, declared a national day of mourning for former President George HW Bush. "Out of respect for the 41st President," USPS says it will provide only limited package delivery "consistent...

Dow Slips 54 Points After Record Drive
Dow Slips 54 Points
After Record Drive
MARKETS
Nov 28, 2016 3:24 PM CST

Dow Slips 54 Points After Record Drive

Banks and energy companies suffered more than rest of market

(Newser) - Major US stock indexes closed slightly lower on Wall Street Monday, pulling back from the records they set last week, the AP reports. The Dow Jones industrial average fell 54 points, or 0.3%, to 19,097. The Standard & Poor's 500 index lost 11 points, or 0.5%,...

Wall St. Plotting for Debt Doomsday

Prospect of default fraying nerves

(Newser) - As lawmakers scramble to hammer out a debt deal, Wall Street firms are working on ways to deal with America defaulting on its debt—and on ways to make a buck out of any upheaval. Treasury bonds function like a currency on Wall Street and default after the Aug. 2...

Madoff Is Wall Street's Hot New Investment

Banks buying up Ponzi claims to cash in later

(Newser) - The wizards of Wall Street have found a way to turn Bernard Madoff into a hot investment. Big banks have been buying up the claims of the victims of Madoff's massive Ponzi scheme, offering scammed investors a fraction of what they are owed in the hopes of making big...

Asia Stocks Plunge
 Asia Stocks Plunge 
May 21, 2010 3:42 AM CDT

Asia Stocks Plunge

Markets down on US unemployment, Europe debt

(Newser) - Following a dismal day on Wall Street, Asian markets fell sharply today on news of an unexpectedly high US unemployment rate and worries about the growing debt crisis in Europe. The MCSI Asia Pacific Index was down 1.6 percent at 111.79, a 9-month low. Japan's Nikkei 225 stock...

Movie Stock Exchange Proves Wall Street's Mad
Movie Stock Exchange Proves Wall Street's Mad
Steven Pearlstein
Mar 12, 2010 11:38 AM CST

Movie Stock Exchange Proves Wall Street's Mad

Speculation doesn't really help anyone

(Newser) - The announcement that investors can soon buy “futures” in Hollywood movies, shouldn’t be too surprising—it’s the logical extension of what financial markets have become. Once tools for raising capital for real businesses, the markets “have turned themselves into high-tech casinos,” writes Steven Pearlstein of...

US Woes Send Asian Stocks Tumbling

Nikkei, Hang Seng have their worst day in weeks

(Newser) - Stocks in Asia tumbled to their worst finish in weeks, reports the Wall Street Journal, as continued fears about the US economy led to a sell-off of resource companies and exporters. The Nikkei in Tokyo and the Hang Seng in Hong Kong both closed down about 3%, echoing a decline...

Bond Sales Drive Dow Up 32
 Bond Sales Drive Dow Up 32 
MARKETS
Jun 11, 2009 3:16 PM CDT

Bond Sales Drive Dow Up 32

(Newser) - Markets were up today on a successful sale of 30-year Treasury notes and other indicators of economic recovery, the Wall Street Journal reports. Bank of America saw a 9% upswing after its CEO testified on Capitol Hill. The Dow gained 31.90 to 8,770.92. The S&P rose...

Banks Rally Late; Dow Up 1
 Banks Rally Late; Dow Up 1 
MARKETS
Jun 8, 2009 3:10 PM CDT

Banks Rally Late; Dow Up 1

(Newser) - The market was level today as financials awaited notice of which companies would be allowed to pay back TARP funds, the Wall Street Journal reports. The good news contrasted with a drop-off in commodities and a poor performance by Apple, which announced new iPhones, laptops, and operating systems. The Dow...

Obama's Financial Regulation Plan Nearly Ready

(Newser) - The Obama administration is finalizing a legislative proposal that would strengthen the reach of financial regulatory agencies, the New York Times reports. The plan wouldn’t likely consolidate the four major bank regulators, which could meet with fierce opposition in Congress. “I don’t mind overlap as much as...

Cramer Ain't That Bad a Stock Picker, Actually

(Newser) - Jon Stewart, take note: Jim Cramer is not that bad at picking stocks, the New York Times reports. A study of Cramer’s televised market advice shows that the former hedge fund manager beat the market in 2005-07. The raw numbers from the fictional “Cramer portfolio” outperformed the S&...

Drugs, Oil Push Dow Up 50
 Drugs, Oil Push Dow Up 50 
MARKETS
May 12, 2009 3:15 PM CDT

Drugs, Oil Push Dow Up 50

(Newser) - Financials dipped today as firms continued stock sell-offs to finance TARP repayments, but strong performance by drug and energy companies stabilized the market, the Wall Street Journal reports. Merck and Pfizer were up as much as 2% and 6%, respectively; oil got a boost from $60 barrels. The Dow was...

NFL's Model Is Better Bet Than Big Biz

(Newser) - The business world’s dependence on its own form of gambling—the “expectations,” or stock market—helped fuel the current financial crisis and the dot-com crash, writes Roger Martin in the Financial Times. “Neither would have happened if our business and capital markets theories had been as...

This Rally May Be the Real Deal
 This Rally May Be the Real Deal 
OPINION
Mar 26, 2009 9:07 AM CDT

This Rally May Be the Real Deal

Positive indicators, better policy, historical benchmarks; the time is right for a bottom

(Newser) - The tentative rally on Wall Street is reason enough for one economist to feel hopeful: "I’m ready to take another shot at calling the bottom," writes Michael Mandel in BusinessWeek. Since (apparently) bottoming out March 9, stocks have risen 20%, and the reasons behind the climb are...

Dow Drops 86 on Financials
 Dow Drops 86 on Financials   
MARKETS
Mar 19, 2009 3:23 PM CDT

Dow Drops 86 on Financials

(Newser) - Financial stocks led declines today as the boost from the Fed’s announcement of new plans to lower lending costs faded, the Wall Street Journal reports. Citigroup and Bank of America shares both fell at least 10%, giving back recent gains. Crude oil rallied to $50.80 a barrel, the...

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