Shares of U.S. banks of all sizes and specialties rose Friday over 3 percent, handily beating the performance of the wider stock market, which itself was in a head-first rally following a week of disappointing news. But there was one big exception to the equity party: megabank JPMorgan Chase and Co. (NYSE:JPM), which looked poised to underperform its peers in late-afternoon trading.
The U.S. government's report Friday that 163,000 jobs were created last month, far more than expected, sparked a risk-on sentiment among investors.
The jobless rate in the U.S. has stubbornly remained above 8 percent for more than three years, and the labor market likely saw little improvement in July, economists say in anticipation of the July nonfarm payrolls report due Friday.
The hefty $7.25 billion settlement that Visa and MasterCard have agreed to, in response to a 2005 class action lawsuit over credit card swipe fees, will disadvantage retailers further and restrict consumer spending in an economy that relies heavily on credit card use and personal expenditure.
Next week could see some major worldwide financial implications, depending on what three of the world's largest central banks do at their scheduled meetings.
The Spanish crisis, last week’s German vote, talk of a possible withholding of funds for Greece, and now the downgrading of the credit outlook for Europe’s strongest economies, point to a worsening of the financial crisis, a reduction in support for the euro, and a global economy increasing at risk.
The more data market-watchers have seen on the U.S. economy, the less they like what they've seen. Specifically, predictions on what the government might report as the rate of GDP growth in the second-quarter of 2012 have plummeted in the past few weeks, as economists adjust their models to one disappointing data release after another.
U.S. companies have been finding it much easier to deliver earnings beats, or profits that are higher than expected, as analysts on Wall Street continue to trim their forecasts for earnings growth. However, they might have also come to realize that beating earnings expectations alone is not enough to help their stock prices.
Philips Electronics, PhotoMedex, Deutsche Bank, Banco Santander, Morgan Stanley, United States Steel Corp, Bank of America Corp, Ford Motor and JPMorgan Chase & Co. are among the companies whose shares are moving in pre-market trading Monday.
Investors seem to be disregarding the parade better-than-expected profit figures from major financial institutions this earnings season, instead using top-of-the-line revenue and return on equity numbers to guide their investment decisions.
The golden age of being a banker is so far in the past. After a brutal year of massive layoffs in the global financial industry last year, the axe is starting to fall again.
Mellanox Technologies, Asset Acceptance Capital, Bank of America, Infosys, Credit Suisse Group, Pluristem Therapeutics, Yum! Brands, Deutsche Bank and Perrigo Co are among the companies whose shares are moving in pre-market trading Thursday.
Bank of America Corp. (NYSE:BAC), the troubled financial behemoth that teetered just above the abyss during the last few weeks of 2011 and has since made somewhat of a recovery, is expected to swing to profit when it reports quarterly financial results Wednesday morning.
Gold experts have further cut back price forecasts for the metal this year after a sluggish first half, a quarterly Reuters poll showed on Monday, while gains in the dollar and a dearth of physical demand are likely to clip any attempted return to last September's record high for the rest of the year.
Taking inspiration from global regulatory investigations into the interest rate manipulation, the U.S. is now building strong evidence of criminal wrongdoings against big banks and individuals ensnared in the heart of the scam.
The chief executive of New York-based Citigroup Inc. (NYSE:C) had a surprisingly confident outlook for his bank's future business prospects during a conference call with analysts Monday.
The top after-market NYSE gainers Friday were Saks Inc, MasterCard, EXCO Resources, Visa and Yanzhou Coal Mining. The top after-market NYSE losers were New York & Co, Omega Healthcare Investors, Bonanza Creek Energy, VimpelCom and Accuride Corp.
The Consumer Financial Protection Bureau's complain database has been live for six weeks, Here's who ranks best and worst among the big credit card issuers.
China's growth rate slowed for a sixth successive quarter to its slackest pace in more than three years, highlighting the need for more policy vigilance from Beijing even as signs emerge that action taken so far is beginning to stabilise the economy.
It's going to be very, very dovish.
General Growth Properties (NYSE: GGP), the second-largest public U.S. mall landlord, is living up to its name once again. After exiting bankruptcy in 2010, the Chicago-based company's shares hit a new all-time high of $18.49 on Friday.
Former Barclays boss Bob Diamond testified Wednesday before the British Parliament's Treasury Select Committee denying that anyone in the British government instructed the bank to manipulate the rate that determines the cost of trillions of dollars worth of loans and derivatives traded worldwide every day.
