A House of Representatives committee on Tuesday said it would subpoena the Federal Reserve to force the central bank to surrender documents regarding its role in Bank of America's takeover of Merrill Lynch last year.
The chief risk officer of Countrywide Financial Corp, the poster-child company for the loose U.S. home loans that staggered the world economy, was warning against them even when it put him at odds with his own company -- and with Fed chairman Ben Bernanke.
JPMorgan, Goldman Sachs and eight other top U.S. banks won clearance on Tuesday to repay $68 billion in taxpayer money given to them during the credit crisis, a step that may help them escape government curbs on executive pay.
Oil jumped 3 percent to hit a fresh seven-month high over $70 a barrel on Tuesday after data showed a steep drop in U.S. crude inventories and a U.S. government report revised global demand expectations higher.
The Nasdaq rose on Tuesday after an improved outlook from Texas Instruments lifted technology stocks, but news that 10 big banks will repay TARP funds failed to stir investor enthusiasm.
World number two truck maker Volvo (VOLVb.ST) said on Tuesday it had withdrawn redundancy notices previously handed out to 335 employees after a union deal cutting working hours and wages.
A forward-looking measure of hiring expectations held steady in the United States and other large economies amid signs employment is starting to stabilize, but prospects in several countries worsened, according to a quarterly survey by Manpower Inc.
Bank of America Corp said on Tuesday it is covering the legal fees of Angelo Mozilo, the former Countrywide Financial Corp chief executive charged with securities fraud and insider trading.
Oil jumped nearly 3 percent to settle at a seven-month high of $70 a barrel on Tuesday on the weaker dollar and a U.S. government report revising global demand expectations higher for the first time since September.
The Obama administration and congressional Democrats got a clear view on Tuesday of the uphill political path they face in pushing for tighter regulation of U.S. banks and financial markets.
Oil jumped nearly 3 percent to above $70 a barrel on Tuesday, boosted by the weaker dollar and a U.S. government report revising global demand expectations higher amid signs the economy may be approving.
The Nasdaq rose on Tuesday after an improved outlook from Texas Instruments lifted technology stocks, but gains on other indexes were limited as plans by big banks to repay government bailout funds raised concerns whether the move would help the economy recover.
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Oil rose $1 on Tuesday to top $69 a barrel, boosted by the weaker dollar and a U.S. government report revising global demand expectations higher amid signs the economy may be approving.
U.S. bankruptcy filings rose in the first quarter to the highest since 2005, government data show, as rising unemployment, falling housing prices and tight credit made it harder for people to hold off their creditors.
Oil rose $1 on Tuesday to top $69 a barrel, boosted by the weaker dollar and expectations of another draw in U.S. crude inventories.
U.S. money manager BlackRock is near to buying Barclays Global Investors for between $12 billion and $13 billion to create a global asset manager twice the size of its nearest rival, people familiar with the matter said.
U.S. Treasury Secretary Timothy Geithner said on Tuesday he would soon revamp the country's regulatory system to prevent a repeat of excessive risk-taking that has tipped it into a severe recession.
U.S. officials on Tuesday gave 10 of the nation's biggest banks approval to pay back a combined $68 billion of taxpayer money pumped into them to combat the credit crisis.
The U.S. Treasury approved 10 banks to buy back $68 billion of government shares on Tuesday, a first crucial step for banks to be set free from government restrictions.
Oil snapped a two-day slide on Tuesday, climbing above $69 as the U.S. dollar retreated.
The Dow industrials turned negative on Tuesday while the S&P 500 and Nasdaq pared gains on concerns that banks' repayment of government bailout money may hurt the economic recovery.
U.S. consumer confidence rose in June, mirroring the strong gains the stock market has made since early March, a survey released on Tuesday said.
Stocks were set to open higher on Tuesday after Texas Instruments raised its quarterly outlook, underpinning other technology stocks, while rising oil prices boosted energy shares.
Oil rose on Tuesday, snapping a two-day slide, to climb toward $69 as the U.S. dollar retreated.
Dow Jones futures fell 0.1 percent, S&P 500 futures also fell 0.1 percent while Nasdaq futures rose 0.2 percent by 5:25 a.m. EDT, pointing to a mixed open for Wall Street's main indexes on Tuesday.
Dow Jones futures fell 0.1 percent, S&P 500 futures also fell 0.1 percent while Nasdaq futures rose 0.2 percent by 0925 GMT, pointing to a mixed open for Wall Street's main indexes on Tuesday.
World stocks rose on Tuesday, led by a rebound in Europe, while the dollar slipped and investors sought fresh signs that the global economy is at least not getting worse.
Oil rose on Tuesday, snapping a two-day slide, to climb above $69 as the U.S. dollar retreated.
Bank stress tests should be repeated if the U.S. unemployment rate rises beyond levels assumed by regulators in a recent round of examinations that provided relief to markets, according to a report released by a bailout watchdog panel on Tuesday.
