Saturday, September 20, 2008
Bush administration asks Congress for OK to spend ...
Bush administration asks Congress for OK to spend up to $700 billion in
mortgage assets in financial rescue.
SEC makes temporary short-sale ban on 799 financial institutions
SEC makes temporary short-sale ban on 799 financial institutions
9/19/2008 5:23:03 AM
Breaking News: Treasury to insure money market mutual funds
WASHINGTON - The Treasury Department says it will tap a Depression-era
fund to provide guarantees for the nation's money market mutual funds.
Meanwhile, the Securities and Exchange Commission took the dramatic step
early
Friday of temporarily banning the routine practice of betting against
company stocks.
Friday, September 19, 2008
Regulators shut down W. Va.-based Ameribank, 12th bank to fail this year
Regulators shut down W. Va.-based Ameribank, 12th bank to fail this
year
9/19/2008 7:36:03 PM
Markets Friday, 09/19/2008
| Dow : 11388.44 up 368.75
| S & P : 1255.08 up 48.57
| NASDAQ: 2273.90 up 74.80
| Bond (10Y): 3.80%, 101.59
MARKETS:
Dow jumps 369 points
Wall Street surges as the government moves to stem the financial market
crisis. Two-day gain of over 7% is the best in 6 years.
U.S. stock market welcomes bailout plan; indexes off early highs
U.S. stock market welcomes bailout plan; indexes off early highs
U.S. stock indexes rocket higher, with the major stock indexes wiping
out a week of shattering losses, as Wall Street cheers the government's
effort to unfreeze credit markets as well as the plans to move against
short sellers.
Companies try to scramble aboard SEC short selling lifeboat
SAN FRANCISCO
Several companies tried to climb aboard the Securities and Exchange
Commission's short selling lifeboat on Friday.
U.S. readies broad rescue plan for financial crisis
The U.S. government begins to spell out a broad-based plan to rescue the
struggling financial system -- one that will cost "hundreds of billions
of dollars" and will relieve banks of bad assets and rein in abusive
trading. Stock investors respond enthusiastically, but investors sell
down Treasurys and the dollar.
Market surge buys Morgan Stanley some time as talks continue
A strong stock market rebound gives Morgan Stanley some breathing room,
a person familiar with the situation says.
FundWatch: Washington moves to shore up money-market funds
The U.S. government acts to prevent a broad collapse in the money-market
industry as the $3.5-trillion sector saw hundreds of billions of dollars
head for the exits.
Todd Harrison: Will the recovery arrive after cancer or a car crash?
Todd Harrison takes a look at the painful place the financial markets
are in, and wonders if the recovery will arrive after a quick and
destructive crash or a drawn-out illness.
Dow industrials post biggest two-day point gain since March 2002
Dow industrials post biggest two-day point gain since March 2002
9/19/2008 4:08:43 PM
U.S. stock market rejoices over bailout plan
U.S. stock market rejoices over bailout plan
U.S. stock indexes rocket higher as Wall Street cheers a plan from the
Treasury and Federal Reserve to unfreeze the credit markets, as well as
regulators' plans to move against short sellers.
SEC bans short selling in hundreds of financial stocks
The Securities and Exchange Commission early Friday issues an emergency
order temporarily banning short selling in the shares of nearly 800
financial institutions.
ETF Focus: New SEC rules could boost short ETFs as trading volume
surges
Securities and Exchange Commission rules that went into effect Thursday
designed to stop so-called "naked" short selling could prove to be a
boon for a rapidly growing segment of the market for exchange-traded
funds.
Treasury moves to calm money-market investors
In the latest step designed to stem the turmoil in financial markets,
the U.S. Treasury says it will guarantee money-market funds so that no
other fund "breaks the buck."
Metals Stocks: Gold tumbles most in 25 years after rescue plan
Gold futures stumble as traders exit positions following the precious
metal's sharp rally over the prior two sessions, pulling back in
reaction to word of a U.S. rescue plan to help revive crippled financial
institutions.
Stocks extend rally, with Dow gain reaching 463 points, on relief about government credit moves.
Stocks extend rally, with Dow gain reaching 463 points, on relief about
government credit moves.
President says economy faces 'pivotal moment...
President Bush says economy faces 'pivotal moment'; intervention to
address 'root cause' – housing - is critical.
Stock rally intensifies - Dow industrials soar more than 400 points, Nasdaq rises over 100 points and S&P 500 up about 50 points.
Stock rally intensifies - Dow industrials soar more than 400 points,
Nasdaq rises over 100 points and S&P 500 up about 50 points.
Federal Reserve says it will expand short-term lending to banks as part of an effort to prop up money market mutual funds.
Federal Reserve says it will expand short-term lending to banks as part
of an effort to prop up money market mutual funds.
Stocks surge at open after government announces sweeping steps aimed at mitigating the financial crisis roiling Wall Street.
Stocks surge at open after government announces sweeping steps aimed at
mitigating the financial crisis roiling Wall Street.
Thursday, September 18, 2008
U.S. plans what may be most comprehensive fix yet for credit crunch - to take on mortgage debt from banks.
U.S. plans what may be most comprehensive fix yet for credit crunch -
to take on mortgage debt from banks.
SEC moving to temporarily ban short selling: report
SEC moving to temporarily ban short selling: report
9/18/2008 7:41:24 PM
Markets Thursday, 09/18/2008
| Dow : 11019.69 up 410.03
| S & P : 1206.51 up 50.12
| NASDAQ: 2199.10 up 100.25
| Bond (10Y): 3.54%, 103.78
MARKETS:
Wild rally at the finish
Dow gains 410 on talk of a long-term government solution to the current
turmoil.
Dow ends 378 points higher as Wall Street careens on rumors of a long-term government solution to its crisis.
Dow ends 378 points higher as Wall Street careens on rumors of a
long-term government solution to its crisis.
Fueled by central bank injections, U.S. stocks bounce back
Fueled by central bank injections, U.S. stocks bounce back
U.S. stocks rally in early action, with the market playing off the move
by Federal Reserve and other central banks to pump billions into the
financial system in an attempt to ease the flow of credit.
Metals Stocks: Gold extends gains after $70 spike on Wednesday
The rally in gold extends into a second session as the turmoil in
financial markets led the Fed and five other central banks to take
further efforts to get money markets moving again.
As financials crater, Kraft Foods becomes latest Dow component
Kraft Foods Inc. on Sept. 22 will be added to the Dow Jones Industrial
Average, replacing troubled insurance giant American International
Group.
Morgan Stanley slips as it courts merger
Morgan Stanley shares suffer as the broker considers a merger, possibly
with Wachovia.
Buffett in deal to buy Constellation Energy Group at a discount
Warren Buffett says his MidAmerican Energy arm will buy Constellation
Energy for $4.7 billion.
U.S. leading economic indicators down in August
U.S. leading economic indicators down in August
9/18/2008 10:04:22 AM
Dow industrials up 180 points early Thursday
Dow industrials up 180 points early Thursday
9/18/2008 10:00:34 AM
Stocks open higher after central banks worldwide agree to pump $180 billion into markets to calm financial distress.
Stocks open higher after central banks worldwide agree to pump $180
billion into markets to calm financial distress.
Dow Jones & Co. says Kraft Foods will replace AIG - recipient of $85B government loan - as one of 30 companies listed in the Dow.
Dow Jones & Co. says Kraft Foods will replace AIG - recipient of $85B
government loan - as one of 30 companies listed in the Dow.
Claims for initial unemployment benefits show surprise rise to 455,000 last week, Dow Jones reports.
Claims for initial unemployment benefits show surprise rise to 455,000
last week, Dow Jones reports.
Fed, other central banks to inject $180 billion into financial system
Fed, other central banks to inject $180 billion into financial system
9/18/2008 3:42:36 AM
Oil prices cross $100 a barrel as investors, spooked by Wall Street's financial crisis, seek the safety of commodities.
Oil prices cross $100 a barrel as investors, spooked by Wall Street's
financial crisis, seek the safety of commodities.
Hong Kong stocks fall 7%; down 22% on week
Hong Kong stocks fall 7%; down 22% on week
9/18/2008 12:12:06 AM
Shares of Morgan Stanley lower, Wachovia higher on report of formal merger talks
Shares of Morgan Stanley lower, Wachovia higher on report of formal
merger talks
9/18/2008 8:14:29 AM
Wednesday, September 17, 2008
Dow at lowest level since October 2005; major indexes down 20% so far this year
Dow at lowest level since October 2005; major indexes down 20% so far
this year
9/17/2008 4:28:33 PM
Market Briefing Newsletter for Wednesday, 09/17/2008
| Dow : 10609.66 down 449.36
| S & P : 1156.39 down 57.21
| NASDAQ: 2098.85 down 109.05
| Bond (10Y): 3.41%, 104.84
MARKETS:
Another thrashing for stocks
Dow's 449-point drop is second worst of the year as AIG bailout spreads
fears about financial sector to Goldman, Morgan Stanley.
Gold surges as investors rush to safety
Gold surges as investors rush to safety
Gold scores its biggest daily gain in a generation in dollar terms as
investor worries about a financial meltdown spur a rush into the
safe-haven metal.
AIG's businesses for sale as bailout buys insurer time
The $85 billion government bailout of the insurance giant buys it some
time to sell businesses such as its aircraft-leasing unit, the
asset-management division and even its market-leading life insurance and
property and casualty operations, experts say.
Stock decline could force Morgan to pursue merger: report
Shares of Morgan Stanley are down as much as 30% after the firm
pre-announces earnings and investors react to speculation the company
may be compelled to hunt for a suitor if the stock continues to fall.
Japan, Australia pump $31.9 billion into markets
The Bank of Japan injects 2 trillion yen ($18.8 billion) into money
markets Wednesday morning, the second straight day it has undertakes
special operations to help ensure ample liquidity during the global
financial market turmoil.
U.S. stocks down steeply on AIG-induced anxiety
U.S. stocks down steeply on AIG-induced anxiety
NEW YORK
U.S. stocks dived deeply on Wednesday as investors questioned whether
the government's rescue of American International Group Inc. would stop
financial sector hemorrhaging and as home building tumbled again in
August.
Uncle Sam blinks, steps in to bail out AIG
The U.S. government late Tuesday took control of giant insurer American
International Group, reversing its position from just hours earlier and
acknowledging that the company's failure would have tossed the world's
financial system into chaos.
Japan, Australia pump $31.9 billion into markets
The Bank of Japan injects 2 trillion yen ($18.8 billion) into money
markets Wednesday morning, the second straight day it has undertakes
special operations to help ensure ample liquidity during the global
financial market turmoil.
Economic Report: Home building weakens further in August
Home building tumbles again in August, with the number of new building
permits for single-family homes dropping to a 26-year low, the Commerce
Department estimates.
FundWatch: Fund managers gloomier on economy in September, survey says
The number of fund managers taking the view that the global economy is
in recession rose sharply in September, according the Merrill Lynch's
monthly survey.
Stocks extend their slide, with Dow down 350 points, on financial sector jitters and weak housing data.
Stocks extend their slide, with Dow down 350 points, on financial sector
jitters and weak housing data.
U.S. housing starts fall 6.2% to 17-year low; permits at 26-year low
U.S. housing starts fall 6.2% to 17-year low; permits at 26-year low
9/17/2008 8:31:28 AM
Tuesday, September 16, 2008
Breaking News Tue., September 16, 2008
U.S. GOVERNMENT ANNOUNCES $85 BILLION BAILOUT OF AIG
Markets Tuesday, 09/16/2008
| Dow : 11059.02 up 141.51
| S & P : 1213.60 up 20.90
| NASDAQ: 2207.90 up 27.99
| Bond (10Y): 3.49%, 104.22
MARKETS:
Stocks rise on Fed, AIG
Investors breathe a sigh of relief that the central bank's outlook was
not more bearish.
U.S. stocks rally to close higher on hopes for AIG rescue
U.S. stocks rally to close higher on hopes for AIG rescue
U.S. stocks head into the last hour of trading in dramatic fashion,
plunging after the Federal Reserve refused to cut interest rates, then
leaping back on reports the government might extend a loan to embattled
insurer American International Group Inc.
Senate banking chief wants more housing aid, eyes stimulus
Sen. Dodd calls for more aid to homeowners and possibly an additional
economic stimulus package, saying the U.S. faces a deepening economic
crisis.
The Fed: Fed leaves rates at 2%, projecting calm during storm
Trying to project an appearance of calm and stability amid the turmoil
of financial markets, the Federal Reserve holds its benchmark Fed funds
rate at 2.0%.
Economic Report: Consumer prices fall 0.1% on weaker energy prices
With energy prices falling sharply, U.S. consumer prices declined 0.1%
in August, the first decrease in nearly two years, the Labor Department
reported Tuesday.
Goldman profit falls 70%, CFO rules out bank deal
Goldman Sachs adds to the mounting sense of gloom on Wall Street Tuesday
when it reports that third-quarter profit plunged 70% from a year ago as
business slowed across the board and the firm posts more than $800
million in losses from sour residential and commercial real estate
assets.
Morgan Stanley up 12% in evening trades after early release of quarterly results
Morgan Stanley up 12% in evening trades after early release of quarterly
results
9/16/2008 4:24:38 PM
Stocks rally after the Fed decides to keep rates steady at 2% with the Dow surging 145 points.
Stocks rally after the Fed decides to keep rates steady at 2% with the
Dow surging 145 points.
Oil settles $4.56 lower to $91.15 a barrel - a seven month low - on fears of falling demand in a slowing economy .
Oil settles $4.56 lower to $91.15 a barrel - a seven month low - on
fears of falling demand in a slowing economy .
The Federal Reserve keeps key short-term interest rate unchanged at 2% despite investor hopes for a cut.
The Federal Reserve keeps key short-term interest rate unchanged at 2%
despite investor hopes for a cut.
U.S. stocks erase losses amid hopes of AIG rescue
U.S. stocks erase losses amid hopes of AIG rescue
NEW YORK
U.S. stocks on Tuesday erased losses and tilted higher amid reports the
federal government might intervene to prevent a possible collapse of
giant insurer American International Group Inc.
The Fed: Market looks for rate cut, but it's not certain
Financial markets are betting on an interest-rate cut by the Federal
Reserve some time this month, but it's not certain that the central bank
will deliver it at Tuesday's regularly scheduled meeting of its
rate-setting panel.
Economic Report: Consumer prices fall 0.1% on weaker energy prices
With energy prices falling sharply, U.S. consumer prices declined 0.1%
in August, the first decrease in nearly two years, the Labor Department
reported Tuesday.
Goldman profit falls 70%, CFO rules out bank deal
NEW YORK
Goldman Sachs added to the mounting sense of gloom on Wall Street
Tuesday when it reported that third-quarter profit plunged 70% from a
year ago as business slowed across the board and the firm posted more
than $800 million in losses from sour residential and commercial real
estate assets.
Barclays in talks to buy Lehman's core U.S. business
Barclays, the U.K. bank that dropped out of negotiations to buy Lehman
Brothers over the weekend, is back in talks with the failed group to
snap up its U.S. broker-dealer operations.
Breaking News: Goldman Sachs net income plunges 70%
NEW YORK(Reuters)- Goldman Sachs Group said Tuesday that third-quarter
earnings plunged 70% as a market slump weighed on banking and trading
results.
U.S. consumer prices down 0.1% in August
U.S. consumer prices down 0.1% in August
9/16/2008 8:32:37 AM
Goldman Sachs revenue, earnings fall sharply; shares down in pre-market trades
Goldman Sachs revenue, earnings fall sharply; shares down in pre-market
trades
9/16/2008 8:23:18 AM
AIG shares plummet 67% as the nation's biggest insurer scrambles to raise capital after being hit by credit raters.
AIG shares plummet 67% as the nation's biggest insurer scrambles to
raise capital after being hit by credit raters.
Wall Street lands in the red at open. Dow, S&P 500 and Nasdaq continue to fall after Tuesday's beating.
Wall Street lands in the red at open. Dow, S&P 500 and Nasdaq continue
to fall after Tuesday's beating.
Monday, September 15, 2008
Markets Monday, 09/15/2008
| Dow : 10917.51 down 504.48
| S & P : 1192.70 down 59.00
| NASDAQ: 2179.91 down 81.36
| Bond (10Y): 3.39%, 104.59
MARKETS:
Stocks get crushed
Wall Street socked by biggest crisis in years, with the Dow down over
400 points, as the Lehman bankruptcy, Merrill buyout, AIG cash scramble
rattle investors.
Lehman files for bankruptcy protection in historic collapse
Lehman files for bankruptcy protection in historic collapse
Wall Street struggles to adjust to a new industry order as Lehman
Brothers' bankruptcy filing rocked investors and pulled down financial
stocks around the globe.
Fed adds most cash since September 2001; Treasurys soar
The Federal Reserve adds the most money to the banking system since the
aftermath of the Sept. 11, 2001, terrorist attacks in the wake of Lehman
Brothers' bankruptcy, Merrill Lynch's demise and AIG's need for cash.
Economic Report: Industrial production drops 1.1% in August
Led by a big drop in auto production, U.S. industrial output plunges
1.1% in August, the biggest drop since Hurricane Katrina three years
ago.
Fearing its own collapse, Merrill sells to Bank of America
Merrill Lynch & Co., navigating in a global financial storm, agreed to
be bought by Bank of America Corp. in an all-stock deal the companies
valued at $50 billion.
NY Gov. Paterson says state will effectively lend AIG $20 billion and urges Fed to step up as well.
NY Gov. Paterson says state will effectively lend AIG $20 billion and
urges Fed to step up as well.
China's central bank cutting lending rate by 27 basis points
China's central bank cutting lending rate by 27 basis points
9/15/2008 5:33:37 AM
U.S. stock indexes fall sharply on Lehman's demise
U.S. stock indexes fall sharply on Lehman's demise
U.S. stocks tank as Lehman Brothers files for bankruptcy protection and
Merrill Lynch & Co. sells itself to Bank of America Corp., unnerving
global markets and inciting further distress about other major financial
firms.
Fed sets emergency steps to ease strains; market bets on rate cut
The Fed assembles a series of emergency tools to head off panic,
expanding its loan programs and accepting a broader range of collateral
for its loans.
Economic Report: Industrial production drops 1.1% in August
Led by a big drop in auto production, U.S. industrial output plunges
1.1% in August, the biggest drop since Hurricane Katrina three years
ago.
Lehman files for bankruptcy protection in historic collapse
Lehman Brothers is to file for bankruptcy protection after a frantic
weekend of negotiations in which potential acquirers back away from a
deal and federal officials balk at committing taxpayer funds to help
save the Wall Street giant.
Merrill Lynch to be bought by B. of A. in $50 bln all-stock deal
Merrill Lynch & Co., navigating in a global financial storm, agreed to
be bought by Bank of America Corp. in an all-stock deal the companies
valued at $50 billion.
Midday Report: U.S. stock indexes fall sharply on Lehman's demise
U.S. stock indexes fall sharply on Lehman's demise
U.S. stocks tank as Lehman Brothers files for bankruptcy protection and
Merrill Lynch & Co. sells itself to Bank of America Corp., unnerving
global markets and inciting further distress about other major financial
firms.
Fed sets emergency steps to ease strains; market bets on rate cut
The Fed assembles a series of emergency tools to head off panic,
expanding its loan programs and accepting a broader range of collateral
for its loans.
Economic Report: Industrial production drops 1.1% in August
Led by a big drop in auto production, U.S. industrial output plunges
1.1% in August, the biggest drop since Hurricane Katrina three years
ago.
Lehman files for bankruptcy protection in historic collapse
Lehman Brothers is to file for bankruptcy protection after a frantic
weekend of negotiations in which potential acquirers back away from a
deal and federal officials balk at committing taxpayer funds to help
save the Wall Street giant.
Merrill Lynch to be bought by B. of A. in $50 bln all-stock deal
Merrill Lynch & Co., navigating in a global financial storm, agreed to
be bought by Bank of America Corp. in an all-stock deal the companies
valued at $50 billion.
News Alert! Dow Drops 300 At Open On Lehman News
The Dow Jones Industrials fell more 300 points at the opening, reacting
to bad news about Lehman Brothers and Merrill Lynch.
Bank of America, in capstone to extraordinary day on Wall Street, says it has bought Merrill Lynch in $50 billion all-stock deal.
Bank of America, in capstone to extraordinary day on Wall Street, says
it has bought Merrill Lynch in $50 billion all-stock deal.
AIG seeks $40 billion loan from Fed: report
AIG seeks $40 billion loan from Fed: report
9/14/2008 11:56:26 PM
Lehman Brothers officially files for bankruptcy, listing $631 billion in debts, Dow Jones reports.
Lehman Brothers officially files for bankruptcy, listing $631 billion in
debts, Dow Jones reports.
Dow tumbles 300 points on AIG restructuring talk, Lehman bankruptcy.
Dow tumbles 300 points on AIG restructuring talk, Lehman bankruptcy.
Stocks tumble at open after Lehman bankruptcy: Dow down 74 points , Nasdaq down 2.6% .
Stocks tumble at open after Lehman bankruptcy: Dow down 74 points ,
Nasdaq down 2.6% .
Sunday, September 14, 2008
Bank of America to buy Merrill Lynch for $44 billion
Bank of America to buy Merrill Lynch for $44 billion
9/14/2008 9:08:00 PM
Fed to boost lending to banks by accepting broader set of collateral - aims to 'mitigate the potential risks' facing markets.
Fed to boost lending to banks by accepting broader set of collateral -
aims to 'mitigate the potential risks' facing markets.
Bank of America, Merrill Lynch in merger talks: Wall Street Journal
Bank of America, Merrill Lynch in merger talks: Wall Street Journal
9/14/2008 4:15:11 PM
Oil falls $1.50 a barrel at start of special trading session called because of Hurricane Ike, which has shuttered many refineries.
Oil falls $1.50 a barrel at start of special trading session called
because of Hurricane Ike, which has shuttered many refineries.
