Turbulent Trading in New York
Oct 10, 4:49 PM ET |
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| Stocks recovered from near 6% loss two times in the trading today. In the late afternoon regulators suggested that settlement for Lehman bonds insurance went ahead with no apparent damage to the financial system. Banks recovered after the news and led the rebound in the indexes. |
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World Leaders Discuss Regional Approaches
Oct 10, 4:47 PM ET |
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| The finance ministers gather in Washington to discuss current financial markets and banking system health and look for a global solution. The European political leaders are meeting in Paris this weekend to find their own solution but are likely to focus on banking system. |
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Stocks Fall 4%, GM Worries, GE Net Falls
Oct 10, 11:51 AM ET |
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| Stocks in New York trading continue to slide despite another round of assurances from regulators and President Bush. The Dow and S&P 500 indexes dropped more than 5%. Crude oil plunges more than $5 a barrel. Lehman credit default swap settlement indicates a price of near 90 cents for insurance. |
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Chevron Falls; AIG, Cemex Plunge
Oct 10, 4:46 PM ET |
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| AIG fell after media reports suggested another need for capital infusion. Wachovia rose after Citigroup abandoned the takeover plan, clearing path for Wells Fargo. BHP Billiton, Rio Tinto and Brazil based Vale plunged 10%. Macys fell on sales warning. Chevron fell after the company raised q3 views. |
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Asian Markets Plunge, Record Low in Rupee
Oct 10, 4:46 PM ET |
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| Asian markets plunge as global credit markets remain seized. Yamato Life in Japan filed for bankruptcy protection on sharp losses in investment portfolio. Markets in India plunge to as low as 9.6%, rupee drops to a record low and the RBI lowered the cash reserve ratio for banks. |
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S&P Down 7.6%; GM Plunges 31%
Oct 09, 9:13 PM ET |
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| Stocks plunge as investors lose confidence in the bank bailout plan and interbank lending remains tight. Of the stocks in S&P 500 index, 22 increased, 477 declined and 1 was unchanged. Of the index stocks, 5 rose more than 3% and 403 fell more than 3%. And 91 stocks plunged more than 10%. |
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Fed Loans $37.8 B to AIG; Prudential Falls
Oct 09, 2:19 PM ET |
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| The New York Fed was forced to lend additional $37.8 billion to the fallen insurance giant AIG after its securities lending division faced a barrage of cash calls. Of the $85 billion loan issued by the Fed, $61 billion has already been used and more money may be needed to meet cash requirements. |
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Prudential, Lincoln, Horace Mann Plunge
Oct 10, 1:33 AM ET |
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| Prudential Financial reported after the close a loss in investment portfolio and suspended stock buyback. Horace Mann, another insurer tapped bank credit line to cover losses related to investments and hurricanes. Lincon Financial dropped ahead of earnings at the end of the month. |
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Libor Record Rates, U.S. Stocks Weak
Oct 09, 9:14 PM ET |
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| Stock in New York reversed the earlier gains and fell 1%. IBM reported better than expected earnings and guided 22% rise in the current fiscal year earnings. Interbank lending remains tight and rate hovered bear 5%, despite global rate cut. |
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UK Banks Fall, Home Prices Decline
Oct 09, 11:53 PM ET |
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| Banks in UK are likely to tap as much as £18 billion to raise their capital requirements. Lloyds TSB, HBOS, RBS and Barclays are expected to sell preference shares to the government. In trading, Barclays led the decline in banking sector but HBOS surged. UK home prices fall 12.4% in September. |
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