Wall Street

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Market Still Partying After Cut
Market Still Partying After Cut
Sep 19, 2007 9:36 AM CDT

Market Still Partying After Cut

Rallies continue off of big Federal Reserve rate slash

(Newser) - Wall Street kept the party going today, as the Federal Reserve’s half-point rate cut kept pushing stocks up. Financials even shrugged off disappointing earnings from Morgan Stanley, which posted a more-than-expected 17% drop in net income for the quarter, the Wall Street Journal reports. The Dow rose 58.04...

Subprime Crisis Sparks a Spate of Legal Battles

Investors, homeowners, banks head to court, but obstacles lie ahead

(Newser) - The troubles plaguing Countrywide and Bear Stearns’ hedge funds will move from the boardroom to the courtroom. Homeowners and banks are suing mortgage lenders, shareholders are suing funds, the SEC is investigating executives, and Congress may conduct hearings into credit agencies' practices. The current mess ensnares “an incredible range...

Wall Street Funds Chinese Spy Upgrade

Hedge funds offer $150M helping hand to Beijing Big Brother

(Newser) - Wall Street money is fueling the high-tech upgrade of China's police state, the New York Times reports. US hedge funds have poured $150 million into Chinese surveillance companies that are developing the latest in government spookware, from face-recognition technology to behavior-recognition software that can spot a disturbance before it begins.

Job Losses Don't Add Up to Recession... Yet

Analysts say 4-year-low might be caused by teachers on vacation

(Newser) - Eye-popping job numbers rippled through Wall Street yesterday, but analysts pooh-pooh recession fears as premature. “I think it is important we take a deep breath before screaming ‘A recession is now around the corner!’” one expert says. Four thousand lost jobs may be the worst depletion...

Wall Street Up, Up, and Away for Holiday Weekend

Investors thank Bush, Bernanke for gains

(Newser) - On the eve of the holiday weekend, the major markets jumped today, riding encouraging comments by President Bush and Ben Bernanke to broad advances that pushed their monthly gains above 1%. The Dow, which saw 28 of 30 stocks rise, finished up 119.01 points, closing at 13,357.74....

Fed Chief to Address Market Uproar
Fed Chief to Address
Market Uproar
Aug 30, 2007 5:02 AM CDT

Fed Chief to Address Market Uproar

Wall Street will be craining for clues on possible rate cut

(Newser) - Tomorrow, Ben Bernanke will make his first speech since turmoil erupted in the world's financial markets early this month. As Wall Street listens for clues about whether interest rates will be cut next month, the Fed chief be walking a tightrope, the Washington Post observes. If he appears indifferent, panic...

New-Home Sales Grow, Spur Wall St.
New-Home Sales Grow, Spur Wall St.
Aug 24, 2007 11:21 AM CDT

New-Home Sales Grow, Spur Wall St.

But new figures don't fully reflect credit market's impact, analysts say

(Newser) - New-home sales grew 2.8% last month, delivering an unexpected bit of good news to investors still reeling from the credit crunch. But the housing market, which had been rebounding in recent months from a slump, will likely show renewed weakness after he mortgage crisis dust settles, Bloomberg reports.

Stocks Stall Amid Continued Anxiety
Stocks Stall Amid Continued Anxiety
Aug 23, 2007 4:33 PM CDT

Stocks Stall Amid Continued Anxiety

Traders watch, wait as Fed weighs interest rate cut

(Newser) - The Dow dipped a quarter-point to close at 13,235.88 today as investors continue to fret over the possibility of a Fed interest rate cut. The S&P 500 dropped 1.57 to 1,462.5, and the Nasdaq fell 11.10 to 2,541.70. Home Depot led...

Online Brokers Play 'Let's Make a Deal'

E*Trade, Ameritrade renew talks on merger that could jolt industry

(Newser) - Though past merger talks were never consummated, online stockbrokers E*Trade and TD Ameritrade are again in "serious discussions" over a union, the Wall Street Journal reports. A consolidation would create a dominant player in online trading, reducing competition and perhaps ratcheting up costs for consumers. One source estimates the...

Wall Street Bonuses To Sink
Wall Street Bonuses To Sink
Aug 22, 2007 12:31 AM CDT

Wall Street Bonuses To Sink

Market crisis hits paychecks

(Newser) - The credit crisis, which has surged across the global financial infrastructure like a tsunami, washing away millions of share prices, is about to hit one of Wall Street's most hallowed traditions —the fat bonus. The extra pay for all but an elite few may be cut for the first...

Reality Bites Wall Street Whiz Kids
Reality Bites Wall Street Whiz Kids
Aug 21, 2007 4:48 PM CDT

Reality Bites Wall Street Whiz Kids

Quant fund eggheads screwed up just as badly as everyone else

(Newser) - The eggheads who run Wall Street's "quant funds," using complex algorithms to play the markets but neglecting the human element, screwed up as badly as everyone else during the Dow's recent dive. "They are very smart in front of a textbook but not smart enough to understand...

Buffett Turns Wall Street's Frown Upside Down

Star investor hunts for lucrative bargains

(Newser) - Wall Street may be seeing red after weeks of volatility and losses, but Warren Buffett is seeing green as he goes bargain-hunting for the same kind of junk bonds and stocks that have netted him nearly $50 billion, the Journal reports. Downtrodden deal-makers are hoping the star investor will use...

Trib Deal Could Come Undone
Trib Deal Could Come Undone
Aug 20, 2007 3:21 PM CDT

Trib Deal Could Come Undone

Wall Street unsure of Zell takeover will go through

(Newser) - The Tribune Company’s shareholders are meeting tomorrow to approve Sam Zell’s $8.2 billion takeover, but whispers persist on Wall Street that the deal will crumble. A disappointing stock price, concerns about the fading newspaper business, and a sagging credit market have convinced some analysts that Zell’s...

Consumer Confidence Plummets
Consumer Confidence Plummets
Aug 17, 2007 5:37 PM CDT

Consumer Confidence Plummets

Wall Street woes might be spreading to Main Street

(Newser) - Consumer confidence dropped dramatically in August, according to the latest index released by Reuters and the University of Michigan. The metric places consumer sentiment at 83.3, the lowest reading of the year, and well below the predicted 88.0. It may be a sign that chaos on Wall Street...

Fed's Cut Flips Markets Upwards
Fed's Cut
Flips Markets Upwards
Aug 17, 2007 4:46 PM CDT

Fed's Cut Flips Markets Upwards

But credit debacle undergirds even gains, analysts warn

(Newser) - Markets surged upwards today after the Fed cut its discount rate, thanks to a flurry of short-covering aided by today's options expiration. The Dow was up for the first time in over a week, jumping 233.30 to close at 13079.08. But many experts warn that the rally could...

Nasdaq Debuts $100M Fat Cat Exchange

High-rolling private bourse will be free from federal regulation

(Newser) - Nasdaq is launching a regulation-free private stock market for the super-rich, offering those who can pony up at least $100 million access to the first-ever private investment exchange. Any private company can then sell stock to these elite shareholders, without having to worry about making their finances public—or being...

Fed Stands Pat on Prime Rate
Fed Stands Pat on Prime Rate
Aug 7, 2007 2:30 PM CDT

Fed Stands Pat on Prime Rate

Central bank's top priority remains curbing inflation

(Newser) - The Fed today kept its benchmark interest rate steady at 5.25%, despite concerns that tightening credit will lead to an economic downturn. It's the ninth consecutive time the Fed has left the prime rate unchanged, the Times reports, and a sign that Ben Bernanke's top priority is curbing inflation...

Builders' Loans Pushed Credit Meltdown

Peddling dubious mortgages to move properties helped burst bubble

(Newser) - In the ongoing post-mortem of the housing boom, BusinessWeek turns an acute eye on developers, especially big, publicly traded builders who jumped into the mortgage business to move people into their newly built houses faster. As demand for new homes began to fizzle, they kept sales brisk by offering adjustable-rate...

Battered Bear Tries to Act Bullish
Battered Bear Tries to Act Bullish
Aug 4, 2007 2:06 PM CDT

Battered Bear Tries to Act Bullish

Wall Street's anxieties force Bear Stearns to make major changes

(Newser) - The securities firm Bear Stearns will oust its stocks and bonds trading chief, the WSJ reports, and soften its emphasis on short-term trades. The extraordinary moves come in the wake of Friday's market sell-off, partly triggered by investor concern about Bear Stearns after the collapse of two of its mortgage-bond...

Jobless Rate Rises While GDP Rebounds

Economic growth balances looming threat of inflation

(Newser) - The unemployment rate increased slightly in the second quarter, but the GDP recovered after a lackluster first quarter, providing Wall Street with a mixed report card of the nation’s economy as the Fed meets to determine interest rates. Unemployment ticked up 0.1% to 4.6%, hastened by losses...

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