The U.S. Congress on Wednesday gave final approval to a bill that would impose sweeping new limits on the credit card industry, with President Barack Obama expected to sign it into law within days.
Although well off their all-time highs, American stocks are now marginally up for the current year.
Stocks rose on Wednesday as shares of McDonald's Corp and Procter & Gamble Co advanced on positive broker comments, but profit-taking in financials and the Federal Reserve's cautious comments on the economy kept gains in check.
A bankruptcy court judge on Wednesday said she may rule by next month on efforts by Washington Mutual Inc to get back more than $4 billion in cash deposits to which it lost access when the bank was sold to JPMorgan Chase & Co last year.
U.S. stocks pared gains on Wednesday as a pullback in financial shares offset positive broker comments on bellwethers McDonald's and Procter & Gamble.
Bank of America Corp Chief Executive Kenneth Lewis, whose bank sold $13.47 billion of common stock this month, on Wednesday said the worst of the economic downturn has likely passed and that conditions will not worsen as much as feared.
Washington Mutual Inc has asked a bankruptcy court to rule on its dispute with JPMorgan Chase & Co over more than $4 billion in deposits, according to court documents on Wednesday.
Bank of America Corp Chief Executive Kenneth Lewis said the worst of the economic downturn has likely passed and conditions will not worsen as much as feared, a day after his bank raised $13.47 billion in a common stock offering, .
Toll Brothers Inc said on Wednesday that it expected to report a 51 percent drop in quarterly homebuilding revenue, but said new orders had improved from the prior period, reflecting a seasonal upturn.
Target Corp reported a lower quarterly profit on Wednesday, but the results beat Wall Street expectations as the No 2 U.S. discount retailer kept a tight control on inventory and expenses, and said its credit card business was profitable.
The renewable energy sector will start recovering from the economic slowdown when companies can push through initial public offerings (IPOs) for startups, a survey seen by Reuters of investors shows.
Stock index futures pointed to a higher open on Wednesday as investors remained optimistic the worst of the economic slowdown was abating.
JPMorgan Chase & Co and several other banks eager to escape the restrictions and stigma linked to government bailout funds may get the chance to do so in the next few weeks.
World stocks rose for the fourth session in a row on Wednesday, despite overnight losses on Wall Street, lifting demand for higher-yielding currencies.
Bank of America Corp raised $13.47 billion through a share sale, marking a major step toward meeting the U.S. government's requirements for capital-raising following the recent stress testing of the bank.
JPMorgan Chase & Co and several other banks eager to escape the restrictions and stigma linked to government bailout funds may get the chance to do so in the next few weeks.
A federal appeals court reinstated a claim by a JPMorgan Chase & Co credit card holder accusing the bank of failing to properly disclose risk factors that allow it to suddenly raise rates.
Several major banks are seeking permission to repay government bailout funds, and JPMorgan Chase & Co expects repayments to begin within the next couple of weeks.
U.S. housing starts and permits fell to record lows in April, weighed down by a slump in multifamily units, according to data on Tuesday that still hinted the U.S. recession may be drawing to a close.
Financier and money manager J. Ezra Merkin will stop managing his hedge funds and place them into receivership at the demand of New York Attorney General Andrew Cuomo, a person familiar with the matter told the Wall Street Journal.
HSBC Holdings, Europe's biggest bank, expects to see consolidation in the financial industry later this year and in early 2010 that will create buying opportunities, Chief Executive Michael Geoghegan said on Tuesday.
Stocks were little changed on Tuesday as data suggesting no let-up in the housing slump tempered investors' hopes that the recession was moderating.
