S&P gains as financials' outlook improves
NEW YORK (Reuters) - The S&P 500 rose on Wednesday as investors snapped up shares of bailed-out financial companies on hopes the sector may be poised for a recovery as the U.S. economy improves, while a drop in oil producer Chevron's stock pushed the Dow slightly lower.
Lawsuits, poker and the death of a boutique bank
NEW YORK (Reuters) - In September 2008, as Lehman Brothers was breaking into a million pieces, a young investment bank was pushing up through the rubble.
Geithner vows to continue financial stabilization
WASHINGTON (Reuters) - U.S. Treasury Secretary Timothy Geithner on Tuesday said the Obama's administration's strategy to halt recession and contain the financial crisis has been effective, but vowed to continue stabilization efforts.
BofA overdraft fee change gives up revenue: CEO
CHARLOTTE, North Carolina (Reuters) - Bank of America Corp Chief Executive Brian Moynihan said on Wednesday the company's latest decision to eliminate overdraft fees on debit card transactions will "give up a lot of revenue," for the largest U.S. bank by assets.
Wider "Volcker rule" bill unveiled in Senate
WASHINGTON (Reuters) - Legislation that would write into law and widen the proposed "Volcker rule" to limit proprietary trading was unveiled in the U.S. Senate on Wednesday with the support of five Democratic senators.
Wholesale inventories fall, restocking expected
WASHINGTON (Reuters) - U.S. wholesale inventories fell unexpectedly in January and sales hit their highest in more than a year, suggesting businesses will soon need to begin restocking, which would support economic growth.
U.S. posts record $220.9 billion budget gap in Feb
WASHINGTON (Reuters) - The United States posted a record $220.91 billion budget deficit in February, Treasury Department data showed on Wednesday.
A decade later, lessons in the Nasdaq collapse
SAN FRANCISCO (Reuters) - Ten years ago today, before the dot-com bubble burst, the Nasdaq composite index hit a record 5,132.52 points -- a peak that the technology-heavy market shows no sign of scaling again any time soon.
Sen Corker: no exemptions in new watchdog bill
WASHINGTON (Reuters) - An influential Republican in U.S. Senate talks on financial regulatory reform said on Wednesday there are no special exemptions for particular institutions in a proposed new government financial watchdog agency.