NEW YORK (CNNMoney.com) — Lehman Brothers’ shares soared Tuesday after the firm reported quarterly results that topped Wall Street’s forecasts. Just a day earlier, investors had wondered about the firm’s ability to withstand the turmoil in financial markets.To be sure, the brokerage’s first-quarter figures were dismal. Profit and revenue fell sharply from last year and [...]
NEW YORK (CNNMoney.com) — With Wall Street hit by a crisis of confidence, many are hoping the nation’s central bank can save the day. The Federal Reserve’s main weapon: Cutting interest rates, and most economists expect a big slash of three-quarters of a percentage point on Tuesday. But even those economists in favor of such [...]
PARIS (AP) — The collapse of a Wall Street institution over the weekend shows the global financial crisis is broader than policy makers realized and it is growing worse, the head of the International Monetary Fund said Monday.The financial crisis which started in the United States is more serious and more global than it [...]
NEW YORK (CNNMoney.com) — The financial services sector was shaken early Monday, the first trading day following news of JPMorgan Chase’s buyout of Bear Stearns - for just $2 a share - in the face of a cash crisis that brought the firm to the brink of bankruptcy.JP Morgan was the one bright spot in [...]
NEW YORK (CNNMoney.com) — U.S. stocks were down, but off their lows, as JPMorgan Chase shares rallied on the low price it paid to buy out troubled Bear Stearns.The Dow Jones industrial average lost 107 points, or 0.9%. The Nasdaq composite index tumbled 1.6%. The Standard %26amp; Poor’s 500 index lost 1.5%.Bear Stearns shares fell [...]
Australia Stocks: City Pacific, BlueScope, Murchison, ResMed
By Emma OBrien
March 14 (Bloomberg) — Australias benchmark S%26amp;P/ASX 200
Index advanced 71.40, or 1.4 percent, to 5,207.30 as of 2:04 p.m.
in Sydney, headed for a 1.1 percent drop this week, after
sliding 5.5 percent last [...]
Bear Stearns Gets Emergency Funds From JPMorgan, Fed (Update6)
By Yalman Onaran
March 14 (Bloomberg) — Bear Stearns Cos., teetering on the
brink of collapse from a lack of cash, got emergency funding
from the Federal Reserve and JPMorgan Chase %26amp; Co. in the [...]
The Federal Reserve’s maneuver, coordinated with central banks overseas, was its latest effort to stem the global credit crisis and severe housing woes that threaten to bury the United States in its first recession since 2001. Bernanke and his colleagues have been looking for new and imaginative ways to confront the situation.
They are [...]
Some might consider any positive view contrarian, especially given the shock caused Friday by news of a bailout needed by investment bank Bear Stearns Cos., but Goldman said he thinks long-term investors have reason to start expecting some relief ahead.
“I think what we have is a Bear Stearns crisis, not a stock market [...]
Wall Street clearly remains anxious, however. On Tuesday, the stock market launched its largest rally in more than five years after the Federal Reserve said it would auction $200 billion in Treasurys to help alleviate investment banks’ financial bind. But since then, stocks have been extremely volatile.
Kim Caughey, equity research analyst at Fort [...]
