stock market

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BP: 60%-70% Chance 'Top Kill' Will Work

Oozing oil, not confidence

(Newser) - BP 's " containment dome " plan failed big time, and the oil giant is less than confident as it readies its latest and greatest plan for tomorrow: The "top-kill" maneuver, which Reuters reports the company thinks has a 60%-70% chance of succeeding. Tomorrow BP plans to inject...

Stock Exchanges to Get 'Circuit Breakers'

SEC rules hope to prevent crazy plunges

(Newser) - US stock exchanges would briefly halt trading of some stocks that have big prices swings under new trading rules aimed at avoiding market plunges and proposed today by federal regulators. The rules would take effect in mid-June under a 6-month pilot program agreed to by major US exchanges and the...

SEC: Don't Blame Fat Fingers for Market Freefall

Feds don't know reason, but don't think it was a typo

(Newser) - Those hoping for a simple answer to what caused last week's stock market collapse—a typo caused by a so-called "fat finger" trading error, for instance, or maybe a malicious hacker—will be disappointed with the testimony of federal regulators today on Capitol Hill. While they simply don't know...

SEC Now Thinks Mishmash System Sparked Mayhem

Exchange differences exacerbated plunge

(Newser) - As markets open today, the cause of last week's trading chaos remains unclear, but investigators believe mismatches in rules between the NYSE and newer electronic exchanges, combined with fast, complex computer trading systems, triggered the panic. The sudden drop of a futures contract on the Chicago Mercantile Exchange appears to...

Greece Mess Means Big Trouble for Euro
 Greece Mess Means 
 Big Trouble for Euro 
Paul Krugman
May 7, 2010 8:35 AM CDT

Greece Mess Means Big Trouble for Euro

Athens will probably have to leave the currrency

(Newser) - Greece is not the "next Lehman," writes Paul Krugman. It's not "big enough or interconnected enough" to cause that scale of global mess, or even yesterday's nightmare on Wall Street. But don't be too reassured. "Greece’s problems are deeper than Europe’s leaders are willing...

Typo, Glitches, Panic Blamed for Stock Market Mayhem

'Fat finger trade' likely triggered trader panic

(Newser) - What's known in the business as a "fat finger" trade may have been responsible for yesterday's stock market chaos, analysts say. Multiple sources believe a trader at a major firm—possibly Citigroup—hit a "B" instead of an "M" while trading Procter & Gamble shares, selling a...

SEC Probing Possible Stock Chaos Shenanigans

Time to crack down on algorithm trading, lawmakers say

(Newser) - The SEC is on the trail of securities traders who might have "accidentally or maliciously" triggered yesterday's stock market see-sawing, insiders tell Bloomberg , or exploited it to profit illegally. The SEC and the Commodities Futures Trading Commission said after markets closed yesterday that they plan a joint probe into...

Nasdaq Cancels Trades From Crazy 20 Minutes
 Nasdaq Cancels 
 Trades From 
 Crazy 20 Minutes 

STOCK MARKET MELTDOWN
May 7, 2010 3:09 AM CDT

Nasdaq Cancels Trades From Crazy 20 Minutes

Swings of over 60% will be wiped out

(Newser) - Nasdaq plans to wipe some of yesterday's wildest stock market activity from the books. The stock exchange operator is canceling trades of 286 stocks that went up or down by over 60% in the 20 minutes beginning at 2:40 pm, Reuters reports. The shares affected include Accenture, which fell...

Asian Markets Reeling
 Asian Markets Reeling 
May 7, 2010 2:02 AM CDT

Asian Markets Reeling

Stocks dive amid hectic trading

(Newser) - Asian markets plunged across the board this morning as worries about the Greek debt crisis and yesterday's stunning Wall Street plunge sparked a huge sell-off. Traders are still baffled by yesterday's events, and market conditions are "hectic and confused," said one securities trader in Tokyo, where the Nikkei...

Don't Blame Greece; Market Was 'Ripe for a Fall'

If Greek worries were the cause, gold wouldn't be soaring

(Newser) - For months now, traders have suspected that the bullish market is heading for a big correction. We may have just seen step one, writes Mark Hulbert at MarketWatch . Lots of people are blaming Greek debt fears for today's turbulence , but they should instead look to the gold market. "If...

Dow Drops 348 in Volatile Day
 Dow Drops 348 
 in Volatile Day 
MARKETS
May 6, 2010 3:19 PM CDT

Dow Drops 348 in Volatile Day

Market was down nearly 1,000 points in afternoon

(Newser) - Wall Street was in full panic mode today, as a drastic sell-off saw the Dow off nearly 1,000 points just one hour before the close, MarketWatch reports. A quick rebound followed, however, to less severe numbers. The Dow finished down 348 points at 10,520; Nasdaq fell 83 points...

Web Can't Keep Up With Whipsawing Market

Financial sites went down, and even tweets were outdated

(Newser) - The stock market whipsawed so quickly this afternoon—a quick plunge to nearly 1,000 in the red, followed by an equally quick rebound of about 500 points—that the Internet just couldn't keep up. "It appears that under the weight of just about everyone checking the web to...

Goldman Gains $549M as Execs Are Grilled

Firm one of few winners as market nosedives

(Newser) - Goldman Sachs gained $549 million in value as its executives were grilled for 10 hours yesterday in a Senate hearing. The firm's shares closed up 1.2% after the day's trading on the New York Stock Exchange while most other stocks tumbled, BusinessWeek reports. Some analysts believe the rise reflects...

US Millionaires Jump 16% as Market Rebounds

Ranks of rich, ultra-rich rising again

(Newser) - They've had a rough couple of years but America's rich are now getting richer again, according to a report from the Spectrem Group. The number of households with over $1 million in assets—not including the primary residence—jumped 16% last year to 7.8 million. The 69% rally in...

Obama's Economics Are Working
 Obama's 
 Economics 
 Are Working 
analysis
Mar 10, 2010 1:11 PM CST

Obama's Economics Are Working

Ignore the political crowd, the president's been great for business

(Newser) - President Obama doesn't get much political credit for it, but the numbers show his economic policies have been a resounding success. Since he took office, the S&P 500 is up 41%, credit spreads have narrowed, commodity prices have surged, and housing prices have stabilized, writes Mike Dorning of Bloomberg...

Dow Climbs 79 on AIG Deal
 Dow Climbs 79 on AIG Deal 
MARKETS
Mar 1, 2010 3:21 PM CST

Dow Climbs 79 on AIG Deal

Manufacturing employment rises

(Newser) - News of Prudential's agreement to buy AIG's Asia division sowed confidence on Wall Street today. Stocks rose, boosted as well by a jump in manufacturing employment, the Wall Street Journal reports.
  • The Dow rose 78.53 points to close at 10,403.79.
  • The Nasdaq added 35.31, closing at
...

Investors Scramble for Stock in Buffett

Frenzy builds as Berkshire Hathaway joins S&P 500 today

(Newser) - Warren Buffett’s renowned Berkshire Hathaway joins the S&P 500 today, and just about everyone wants a piece of it. Millions of ordinary Americans who in the past couldn’t afford the company’s high-priced shares will now be able to get on board, either through an index fund,...

Dow Falls 268 to 10,002
 Dow Falls 268 to 10,002 
UPDATED
Feb 4, 2010 3:18 PM CST

Dow Falls 268 to 10,002

Dow in danger of slipping below 10,000 again

(Newser) - The markets were in turmoil today over concerns about the economies in both the US and Europe, the Wall Street Journal reports. Greece, Portugal, and Spain are all struggling with their national debt, while in the US, weekly unemployment claims rose, spooking traders ahead of tomorrow's monthly jobs report.
  • The
...

Dow Falls 12 on Housing, Auto Data
 Dow Falls 12 on 
 Housing, Auto Data 
MARKETS
Jan 5, 2010 3:19 PM CST

Dow Falls 12 on Housing, Auto Data

Pending-home sales dropped 16% in November

(Newser) - Stocks ended mixed today, with the Dow down slightly on news of a 16% drop in pending-home sales for November and monthly sales drops from Chrysler and GM, the Wall Street Journal reports.
  • The Dow fell 12 points, closing at 10,572.
  • The Nasdaq closed flat at 2,309.
  • The
...

Dow Drops 120 to End '09
 Dow Drops 120 to End '09 
the markets
Dec 31, 2009 3:10 PM CST

Dow Drops 120 to End '09

But yearly gains are still biggest since 2003

(Newser) - The markets finished the year on a bearish note, reports MarketWatch . Because jobless claims fell, investors are worried that the Fed will consider it a sign of a strengthening economy and raise interest rates in the new year. Despite the final-day fall, the Dow posted its biggest yearly gain since...

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