Wall Street drags on Bank of America
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Financial companies led Wall Street lower on Thursday after a sharp drop in Bank of America Corp's  earnings stoked worries about the extent the credit crunch has hurt the economy and profits.
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Wall Street stocks fell sharply on Friday amid fears of bigger-than-expected writedowns and loan-losses at financial companies and as Bank of America (NYSE:BAC) agreed to absorb Countrywide Financial, the troubled mortgage lender.
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Even with a mega-loss expected, the banking giant still fell short of estimates, dragging U.S. stocks lower.
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Countrywide Financial Corp shares fell below the $18 price yesterday at which Bank of America Corp. may convert its $2 billion investment into common stock.
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Stock prices were lower in early trading today as Wall Street awaited minutes from the Federal Reserveâs Aug. 7 meeting, which could provide insight into whether it may cut rates.
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Bank of America Corp , the No. 2 U.S. bank, posted a much larger-than-expected 32 percent drop in quarterly profit on Thursday, hurt by mounting credit losses and dismal investment banking results.
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Stocks tanked Tuesday afternoon, after a report showing a big slowdown in the services sector of the economy amplified fears that a recession is underway or imminent.
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Bank of America Corp, the second-largest U.S. bank, posted a much larger-than-expected 32 percent drop in quarterly profit on Thursday, hurt by mounting credit losses and dismal investment banking results.
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Stocks tanked Friday as worries about more problems in the bank sector, slower corporate earnings growth, the weak dollar, and record-high oil prices all came to a head.
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U.S. stocks dropped on Monday, led by financial shares, as a rush by savers to withdraw deposits at a large British mortgage lender fueled concerns that turmoil in the credit markets would spread.
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Wall Street pulled back yesterday, finishing slightly lower as investors grappled with an economic assessment by the Federal Reserve that warned yet again of inflation risks and reported a substantial slowing of the housing sector.
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Stocks edged lower on Wednesday on disappointment about corporate financial results and uncertainty whether an expected Federal Reserve rate cut could head off a U.S. recession.
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Wall Street recovered on hopes of a Fed rate cut, but still traded lower, cautious about Merrill Lynchâs credit-related losses and a sharp drop in home sales.
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Wall Street finished flat and remained uneasy after Bank of America posted disappointing results, providing further evidence that the credit crisis was hurting the economy.
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U.S. stocks closed lower on Monday, led by financial shares, as a rush by savers to pull deposits from a large British mortgage lender fueled concerns that turmoil in the credit markets would spread.
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Global stock markets fall again following Wall Street's lead on worries about the state of some of the banks.
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Stocks fell on Monday as financial shares weakened on news that Germany's largest bank may take a big hit from subprime mortgage investments, while a landmark strike at General Motors raised concern about the economic outlook.