Wall St. Banks Confront a String of Write-Downs
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Wall Street banks are bracing for another wave of multibillion-dollar losses as the crisis that began with subprime mortgages spreads through the credit markets.
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Wall Street extended last weekâs losses Monday as investors remained concerned about flagging growth and rising prices.
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U.S. stock futures moved lower as investors awaited new clues on the health of the economy and digested Citigroupâs announcement of a $18.1 billion writedown.
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U.S. Treasury debt was down a sliver on Monday, but four straight days of selling appeared to be sputtering out as investors awaited key events like a speech from the Fed chairman and the crucial September jobs report.
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Stocks fell on Tuesday as a brokerage's downgrades of investment banks and renewed credit concerns hit shares of financial companies, while data fueled doubts about the economy's outlook.
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Wall Street plays the overreacting game; Walgreen and CVS suffer.
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Wall Street stocks were set to open lower 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 (NYSE:CFC), the troubled mortgage lender.
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Business & money: Wall Street investment bank provides second negative piece of analyst research on the company this week.
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Wall Street bonuses fell nearly 5 percent in 2007 after a relentless subprime mortgage crisis battered the stock market, forcing the country's biggest investment banks to write down billions in bad loans.
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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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Wall Street equity analysts have had their share of problems in recent years, from regulatory heat to budget cuts to a loss of star power and prestige.
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Persistent news about subprime woes still irk Wall Street.
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Stocks looked poised for a lower open on Tuesday after a Wall Street Journal article cast doubt on the chances of a Federal Reserve interest rate cut on Wednesday.
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Investors shouldn't be writing off banks quite yet.
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NEW YORK, June 12 -- Wall Street plunged Tuesday as investors drove the Dow Jones industrial average down nearly 130 points while grappling with a seemingly relentless rise in bond yields.
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Wall StreetÂs growing pessimism about the economy sent stocks down for a second straight day.
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Stubbornly high bond yields discouraged investors from extending Wall Streetâs recovery from last weekâs losses.