financial stocks

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Stocks Fall on Grim News

The S&P 500 is down 2.2%

(Newser) - Stocks are closing lower on Wall Street as more signs emerge of the economic damage being caused by the coronavirus outbreak, the AP reports. The S&P 500 fell 2.2% Wednesday. Bond prices rose, sending yields lower. Energy stocks fell sharply after the price of oil touched another 18-year... More »

'Unseemly' Detail Emerges on Senator's Stock Purge

Sen. Kelly Loeffler invested in a company that makes medical protective equipment

(Newser) - Maybe Sen. Kelly Loeffler hopes the details will exonerate her? Well, we'll soon see. The GOP senator has given the Atlanta Journal-Constitution details about her sale of millions of dollars in stocks—much of which happened after senators privately learned about the looming coronavirus on Jan. 24. Turns out... More »

It's a Bad Day for Banks

And the S&P 500 snaps a 3-day winning streak

(Newser) - Financial companies led a modest slide by stocks on Wall Street as a mixed batch of company earnings and declining bond yields weighed on the market, the AP reports. The selling pulled every major sector lower on Tuesday, snapping a three-day winning streak for the S&P 500. Banks took... More »

Stocks Down as Oil, Gas Prices Plunge

Energy sector takes another blow

(Newser) - Stocks are closing mostly lower after another steep drop in oil and natural gas prices pulled energy companies down. Prices for crude oil and natural gas each slumped about 6% Monday, the latest blow to the beleaguered energy sector. Oil and gas companies took heavy losses. Devon Energy sank 7%... More »

Dow Falls 23 Before Fed Meeting

Investors see a busy week ahead

(Newser) - Stocks are closing mostly lower as traders look ahead to a busy week of corporate earnings and a Federal Reserve meeting. Xerox slumped 3% Monday after its quarterly revenue missed analysts' estimates. The company said it would review its business and spending plans. The Dow Jones industrial average fell 23... 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 »

Dow Rallies on Housing; Up 214

Financials and materials firms gain on construction spending, existing home sales

(Newser) - Stocks rallied today on positive economic news, with the S&P 500 surpassing the psychologically significant 900 mark, the Wall Street Journal reports. Surges in construction spending and existing-home sales fueled investor optimism, with financials and materials firms pacing advances. The Dow rose 214.33 to close at 8,426.... More »

Bears Lurk in Markets' Bounce: Analysts

(Newser) - The ongoing rally in global financial markets could be setting investors up for another crash, analysts tell the Financial Times, warning that it could be a so-called “bear market bounce.” The fact that financial stocks, which took a beating as markets tumbled, are leading the uptick is particularly... More »

Dow Down 148, Up for Week

Indices manage to hold on to weekly gains despite Friday dip

(Newser) - Stocks fell today, though not enough to offset broad-based weekly gains, the Wall Street Journal reports. Financials dropped, in part due to comments by JP Morgan Chase CEO James Dimon, who said the bank had more trouble in March than in the first 2 months of the year. JP Morgan... More »

Banks Fall; Dow Slides 122

But indices lock in first two-week winning streak in nearly a year

(Newser) - Stocks fell today but managed to lock in the first two consecutive weeks of gains since May 2008, the Wall Street Journal reports. Comments from FDIC chair Sheila Bair that she expects bank failures to drain her agency sank financials, with the broader market following suit. The Dow dropped 122.... More »

Dow Up 4 as Stocks Waver

Caution follows yesterday's rally

(Newser) - Stocks finished below today’s session highs but closed with slight gains, barely making the first two-day winning streak in a month, the Wall Street Journal reports. Financials mostly gained, with shares of Citigroup, Morgan Stanley and Bank of America up at least 4%. The Dow closed up 3.91... More »

Dow Up 32; Big Weekly Losses

Investors quit trying to call a recovery

(Newser) - Stocks ended mixed after falling for most of today as investors lost hope in a quick recovery, the Wall Street Journal reports. With the job market reaching new lows, General Motors took another big fall. Apple, Verizon and Amazon also saw losses. The Dow pulled up in the last half-hour... More »

Stocks Plummet; Dow Falls 281

Dow blows by Tuesday low

(Newser) - Stocks fell today, with the Dow passing the bear-market low it set Tuesday, and two giants of US banking and manufacturing trading at less than $2, MarketWatch reports. Mounting problems at Citigroup and General Motors drove their shares to $1.02, and $1.95, respectively. The Dow dropped 281.40... More »

Big Banks Up; Dow Down 80

Troubled financials boosted by Bernanke comments, Treasury plan

(Newser) - Stocks suffered modest losses today, though prominent financial institutions gained, the Wall Street Journal reports. Details of the Treasury’s “stress tests” and comments from Ben Bernanke disavowing nationalization buoyed Citigroup, Bank of America and Wells Fargo—but another dismal home-sales report depressed the broader market. The Dow fell... More »

Stocks Mixed; Dow Up 3 Points

Greenspan comments on nationalization keep financials down

(Newser) - Stocks vacillated between minor gains and losses today, perking up slightly after President Obama announced his housing plan, MarketWatch reports. Financials continued to slide after Alan Greenspan suggested in a Financial Times interview that bank nationalization would be the “least bad” way to solve the crisis. The Dow gained... More »

Dow Plunges Nearly 300

Global markets set losing tone for NYSE

(Newser) - Stocks plunged today as President Obama signed the economic stimulus package into law, MarketWatch reports. With a negative tone set by losses in the overseas stock markets, financials led declines, with Bank of America, Citigroup, JP Morgan Chase, and American Express all down at least 9%. The Dow lost 297.... More »

Dow Ends Bad Week Down 82

Energy firms see gains on oil rally

(Newser) - Stocks fell today after treading water for most of the session, the Wall Street Journal reports. Financials fell, but a rise in energy stocks spurred by a $3.53 gain in the price of oil buoyed indices somewhat. The House passage of the stimulus plan seemed to have little effect... More »

Dow Plunges 382 Points

Geithner's rescue plan lacks sufficient detail to reassure investors

(Newser) - Stocks plummeted today as investors found Timothy Geithner’s description of the bank rescue plan too broad to spur a revival in financial stocks, MarketWatch reports. Analysts criticized Geithner’s announcement for failing to sufficiently describe the role of private capital in the rescue. Citigroup and Bank of America both... More »

Stimulus Hope Lifts Dow 217

Market shrugs off 7.6% unemployment

(Newser) - Stocks rallied today as investors anticipated quick action on a stimulus package, MarketWatch reports. Unemployment for January was 7.6%, but investors are betting the frightening figure will spur Congress to expedite the bill. The Dow rose 217.52  to close at 8,280.59. The Nasdaq gained 45.47... More »

Dow Up 201 on Fed News

Obama plan for 'bad bank' inspires confidence

(Newser) - The Fed’s announcement today that it will keep target rates near zero sustained a rally led by financials, the Wall Street Journal reports. Financials continued to rise off the Obama administration’s plan to create a “bad bank” to buy toxic assets, with the Financial Select Sector Fund,... More »

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