Misery Returns to Wall Street

cityfile · 04/20/09 01:17PM

So much for that little rally last week. The Dow Jones industrial average fell 290 points today, making it the biggest one-day selloff in more than 2 months, and the S&P shed more than four percent. Jim Cramer deceives us once again! [CNN, WSJ, NYT]

Big Day on Wall Street

cityfile · 03/23/09 01:31PM

The markets were pretty pleased with Washington's new plan to shore up the banking system: The Dow Jones industrial average surged 497 points, or nearly 7 percent, turning in its biggest one-day point gain since November 21. Given everything that has happened over the last few months, you might think analysts would be smart enough to avoid issuing proclamations the worst is behind us. You'd be wrong! "This is the bottom," James W. Paulsen, the chief investment strategist at Wells Capital Management, told the Times. And Now you know who to call if the market heads south again tomorrow. [WSJ, NYT, MW]

Wall Street Bucks Superstition

cityfile · 03/13/09 02:01PM

So much for Friday the 13th, at least as far as the market's concerned: Stocks were up for a fourth consecutive day, making it the best week for the three major indexes since November. [MW]

Stock Market Rises Big—Again!

cityfile · 03/12/09 02:14PM

It sure is nice to see positive news for a change! Stocks advanced for a third straight day with the Dow Jones Industrial Average closing up 239 points. One reason for the boost: People are shopping again! Actually, they're not really shopping; they're just cutting back a little bit less than they did before. Retail sales "only" dropped 0.1% in February, according to the Commerce Department, compared to a 1.8% drop in January. Keep it up, people! You'll put a smile on a sales associate's face and you'll be rescuing the country. Oh, and you'll be taking home a new suit or pair of shoes, too, which is always nice. [CNN Money]

Dow Gains 375 Points

cityfile · 03/10/09 01:04PM

The stock market was up big today! Hard to imagine, huh? The Dow closed up more than 375 points, its biggest gain since November, following encouraging comments by Fed chair Ben Bernanke, news that Citigroup had turned a profit during the first two months of '09, and hints that the government planned to reinstate rules governing short sales of stocks. Don't get too excited just yet: "Similar sharp rallies in September, October and November turned out to be fleeting, and the market has still not had two gaining sessions since Feb. 5 and Feb. 6." [Marketwatch, NYT]

Another Losing Session

cityfile · 03/05/09 02:28PM

It was another crappy day on Wall Street. The Dow fell 281 points, or 4.1 percent, and shares of Citigroup dropped below a dollar this morning before closing out the session at $1.02. You won't find much good news on the job front: A new report indicates the city has seen a whopping 85,400 jobs vanish since August. So is there any good news to report? Michael Jackson made a rare public appearance today to confirm he's staging a comeback tour, so if that serves as any consolation, well, we're glad to hear it. [CNN, NYT]

Wall Street Snaps Losing Streak

cityfile · 03/04/09 01:47PM

A bit of good news, at last. The markets snapped a five-day losing streak today with the Dow jumping 150 points, or 2.2 percent, and the S&P 500 gaining 2.4 percent. Don't get too excited, though. Investors are already bracing for the monthly employment report, which the Department of Labor will release on Friday and should be predictably gruesome. But in the meantime, enjoy! [NYT, CNN]

It's May 7, 1997 All Over Again

cityfile · 02/23/09 04:20PM

The markets took another tumble today with the Dow dropping 250 points to close at its lowest point since May 7, 1997. You remember May 7, 1997, don't you? No? Rudy Giuliani was trying to push through a round of tax cuts, Garry Kasparov was facing off against Deep Blue, Oklahoma City bomber Tim McVeigh was still in the news, Ellen DeGeneres' coming-out was generating controversy, Hanson was still worthy of 1,200 words in the Times, and architects were dreaming about "a cook's cosmopolis" called the Chelsea Market, which would supply the epicure with "everything from lobsters to dairy-fresh milk in a series of deli-size storefronts." Yea, it was a really long time ago. [CNN]

A New Low for the Dow

cityfile · 02/19/09 02:04PM

The Dow Jones industrial average tumbled to its lowest close in more than six years today, dropping 89.68 points, or 1.2%, to close at 7,465. Financial stocks were the hardest hit: Citigroup closed at $2.51, the lowest it's been in the bank's history. American Express dropped 8.7% to end the day at $12.87, a level it hasn't seen since 1972. In more positive news, this NYSE floor trader is totally getting lucky tonight, so at least he's got that going for him. [NYP, MW]

Obama's Housing Rescue, Automakers Come for More

cityfile · 02/18/09 07:21AM

• President Obama is unveiling a $75 billion plan today to help struggling homeowners. A press conference is scheduled for 12:15pm. [WSJ, NYT, CNN]
• The Dow fell 3.8% yesterday to close at its lowest point since November. How today goes hinges on the response to Obama's housing rescue plan. [CNN]
• More on the life and times of Allen Stanford, the Texas financier who may have presided over an $8 billion fraud. [BN, NYT, WSJ]
• GM says it needs another $16 billion to stay in business. Oh, but it's still going to slash 47,000 jobs and close five plants anyway. [WSJ, NYT]
• GE's Jeff Immelt is waiving his $11.7 million bonus. [FT]
• Home construction fell a seventh straight month during January. [WSJ]
• Former CNBC anchor Ron Insana is leaving SAC Capital. [DB]
• More on Jon Winkelried's retirement from Goldman Sachs. [WSJ]

Another Dark Day on Wall Street

cityfile · 02/17/09 07:16AM

• Stocks are down sharply today over concern about the deepening recession. The stimulus package last week? So much for it restoring confidence. [BN, WSJ]
• Need more proof of mismanagement at Citigroup? Chuck Prince was ousted as CEO 15 months ago but he still has an office and secretary at the company. So does John Reed, Citi's former CEO who left nearly nine years ago. [BN]
• The stimulus package that cleared Congress Friday includes hefty new restrictions on bonuses and perks at Wall Street firms. [WSJ]
• GM will file the largest restructuring plan of its 100-year history today. [DB]
• Hedge funds may lose as much as 35% of their assets this quarter. [Reuters]
• Citi is having a hard time finding anyone to buy their junky assets. [NYP]
• Banco Santander, Europe's second largest bank, is offering a generous compensation deal for clients who lost money to Bernie Madoff. [WSJ]

Ugly Day on Wall Street

cityfile · 01/20/09 01:41PM

Is it something he said? Despite Barack Obama's upbeat message and the enthusiasm of millions of shivering onlookers, the Dow tumbled 332 points today to close at 7,949. Financial stocks were the hardest hit: Bank of America, JPMorgan Chase, and Citigroup all suffered double-digit declines, with shares of Citi dipping below the $3 mark. History buffs, get your pens out: This should go down as Wall Street's worst Inauguration Day since 1900. [MW, NYT, WSJ]

Stocks Take Another Hit

cityfile · 11/19/08 03:23PM

The market tanked once again today: The Dow dropped more than 400 points to close below 8,000 for the first time since March 2003. We'd share with you some good news, but we're not sure there is any, so you'll have to dream something up yourself. [CNNMoney]

Markets Soar, But the Outlook Remains Bleak

cityfile · 11/13/08 03:34PM

It was another roller coaster of a day on Wall Street. After falling more than 400 points this morning, the Dow rebounded in the last three hours of trading, closing up 552 points, making it the third best single-session point gain in history. (Both the S&P and Nasdaq were up more than 6 percent.) Don't let the momentary boost get your hopes up: The outlook is still pretty bleak, as the hedge fund kings who turned up on Capitol Hill today made clear. And there's always the stream of layoffs to remind us. Dow Jones said today it plans to lay off an unspecified number of employees, the law firm of Orrick Herrington & Sutcliffe let 40 lawyers go, National Geographic cut staff, Entertainment Weekly dismissed 25 staffers, and one in ten employees at Morgan Stanley were given notice today. Any good news? Not really. But Dick Fuld didn't seem too depressed when he was spotted buying some yogurt and granola for breakfast this morning, if that's any consolation.

More Losses, More Layoffs

cityfile · 11/11/08 02:34PM

It was another down day on Wall Street. The Dow fell 176 points, or 2 percent, and both the S&P and Nasdaq shed 2.2 percent. Naturally, a handful of companies announced a round of fresh layoffs: As many as 60 employees of Condé Nast's Internet division were reportedly let go; an estimated 20 percent of CurrentTV's staff were given notice; the law firm of White & Case announced plans to shed 3 percent of its staff; and Time Inc. bosses in New York are now reportedly planning to lay off lots of European staffers, too. Oh, and don't bother looking for a job if you've already lost yours: Online job sites are reporting that new listings have hit a new low.

Thanks, Barack

cityfile · 11/05/08 02:05PM

The market was up big yesterday as investors looked forward to an end to the political uncertainty in Washington. Now they're back to reality, apparently. The Dow tumbled 486 points today amid "renewed worries about the struggling economy." [CNNMoney]

Stocks Rise as Election Day Ends

cityfile · 11/04/08 02:21PM

Stocks were up as the uncertainty surrounding the race for the White House came to an end. The Dow was up 305 points; the S&P crossed the 1,000 mark for the first time since October 13. [Reuters]