Stock Markets News

Traders work in the oil futures pit at the New York Mercantile Exchange in New York, Thursday, July 24, 2008. Oil prices rose Thursday after shedding nearly $4 a barrel in the previous day's session on concerns that high fuel prices are dampening demand in the world's biggest energy consuming country. (AP Photo/Seth Wenig)

Stocks tumble after sales of existing homes fall

AP - Thu Jul 24, 6:11 PM ET

NEW YORK - Wall Street abruptly ended an earnings-driven rally and closed sharply lower Thursday after a steeper-than-expected decline in existing home sales and worries about the financial sector chilled the market's recent optimism. The major indexes fell about 2 percent, including the Dow Jones industrial average, which lost more than 280 points.

  • The sun lights the exterior of the New York Stock Exchange, as people walk past on the shadowed street, July 16, 2008. (Chip East/Reuters)
    Wall Street tumbles, led by financials Reuters - Thu Jul 24, 4:33 PM ET

    NEW YORK (Reuters) - Stocks tumbled more than 2 percent on Thursday after a report showing yet another drop in U.S. home sales prompted investors to take profits in financial shares, which had rallied over the past week.

  • Accounting change not meant to shock: SEC's Cox Reuters - Thu Jul 24, 4:23 PM ET

    WASHINGTON (Reuters) - An accounting change that could force banks to bring trillions of dollars of off-balance sheet transactions back on their books will be implemented in a way that will not create unnecessary shocks, the chairman of the U.S. Securities and Exchange Commission said on Thursday.

  • Securities and Exchange Commission Chairman Christopher Cox testifies at the U.S. House Financial Services Committee about financial market regulatory restructuring in Washington July 24, 2008. (Larry Downing/Reuters)
    SEC, Fed push for authority over investment banks Reuters - Thu Jul 24, 3:55 PM ET

    WASHINGTON (Reuters) - The head of the U.S. Securities and Exchange Commission on Thursday urged Congress to give his agency authority to oversee investment banks, even as a top Federal Reserve official said the central bank needed similar powers to do its job.

  • Stocks tumble 200 points, financials drag Reuters - Thu Jul 24, 1:54 PM ET

    TORONTO (Reuters) - The Toronto Stock Exchange's main index slumped further on Thursday, falling more than 1 percent in a broad decline led by weak financial shares.

  • Chairman of the Securities and Exchange Commission Christopher Cox testifies before the Senate Banking, Housing and Urban Affairs Committee about the U.S. stock markets, on Capitol Hill in Washington, July 31, 2007. (Larry Downing/Reuters)
    SEC, Fed push for tougher bank regulation Reuters - Thu Jul 24, 10:52 AM ET

    WASHINGTON (Reuters) - The head of the Securities and Exchange Commission said on Thursday that his agency should oversee investment banks under a new regulatory regime aimed at averting another credit crisis.

  • A motorist holds a fuel pump at a service station in the eastern German city of Dresden, June 2008. A brief surge for Europe's main stock markets has come to a halt, with share prices falling again as heavyweight energy stocks tumbled in London amid cooler oil prices.(AFP/DDP/File/Norbert Millauer)
    European stocks return to slippery slope AFP - Thu Jul 24, 7:01 AM ET

    LONDON (AFP) - A brief surge for Europe's main stock markets came to a halt on Thursday, with share prices falling again as heavyweight energy stocks tumbled in London amid cooler oil prices.

  • Specialists work on the floor of the New York Stock Exchange in New York, Thursday, July 24, 2008. Wall Street abruptly ended an earnings-driven rally and closed sharply lower Thursday after a steeper-than-expected decline in existing home sales and worries about the financial sector chilled the market's recent optimism. The major indexes fell about 2 percent, including the Dow Jones industrial average, which lost more than 275 points. (AP Photo/Ed Ou)
    Wall St. futures rise; eyes on earnings, Beige Book Reuters - Wed Jul 23, 6:13 AM ET

    (Reuters) Both Dow Jones futures and S&P 500 futures were up 0.55 percent at 0945 GMT (5:45 a.m. EDT), while Nasdaq futures were 71 percent higher.

  • President Bush arrives on the South Lawn of the White House in Washington, Tuesday, July 22, 2008, after attending a fundraiser in Georgia. (AP Photo/Lawrence Jackson)
    Bush says Wall Street has hangover, must sober up AP - Tue Jul 22, 5:08 PM ET

    WASHINGTON - President Bush, in an unguarded moment, said Wall Street "got drunk and now it's got a hangover."

  • French energy utility Suez CEO Gerard Mestrallet (R) and Suez Environment Chief Executive Officer Jean-Louis Chaussade pose in front of the new logo of Suez Environnement, on July 21, during a press conference in Paris. Shares in newly created energy giant GDF Suez fell on the first day on the Paris Bourse.(AFP/File/Francois Guillot)
    New GDf Suez shares fall, Suez Environnement jumps AFP - Tue Jul 22, 2:16 PM ET

    PARIS (AFP) - Shares in newly created energy giant GDF Suez fell on the first day on the Paris Bourse Tuesday as investors found no new lead to follow in the long awaited listing of the tie-up between private group Suez and state power utility Gaz de France.

  • The sun lights the exterior of the New York Stock Exchange, as people walk past on the shadowed street, July 16, 2008. REUTERS/Chip East (UNITED STATES)
    Former SEC head wants broader short-selling rules Reuters - Mon Jul 21, 11:43 AM ET

    NEW YORK (Reuters) - Emergency action by regulators to rein in abusive short-selling in some large financial firms should be expanded to include the stocks of all public companies, a former top markets watchdog said on Monday.

  • View of the day: European bear-market rally FT.com - Mon Jul 21, 10:35 AM ET

    It is time to dip a toe back in to European stock markets, says Teun Draaisma, equity strategist at Morgan Stanley, who has shifted to an overweight position in the region for the first time in three months.

  • An installation at the London stock exchange. Leading shares closed higher for the third successive day, with Bank of America's results helping Wall Street remain in positive territory, as well as boosting the UK banking sector.(AFP/File/Ben Stansall)
    London shares close higher AFP - Mon Jul 21, 12:17 PM ET

    LONDON (AFP) - Leading shares closed higher for the third successive day Monday, with Bank of America's results helping Wall Street remain in positive territory, as well as boosting the UK banking sector.

  • Trader Tommy Kalikas talks on his phone as he checks his digital notepad during early trading at the New York Stock Exchange, Thursday July17, 2008.Stocks mostly rose Thursday as investors parsed stronger-than-expected quarterly reports from JPMorgan Chase & Co. and United Technologies Corp. that gave investors some reassurance about the health of the economy. (AP Photos/Bebeto Matthews)
    Wall Street awaits banks, housing, oil data AP - Sun Jul 20, 1:42 PM ET

    NEW YORK - Wall Street surged higher last week, but that's cold comfort to people whose stock portfolios are still down more than 10 percent this year.

  • Traders work on the floor of the New York Stock Exchange July 11, 2008 in New York City. A newly revived Wall Street faces a fresh test of momentum in the coming week with a wave of corporate results that may indicate whether the latest rebound is for real.(AFP/Getty Images/File/Mario Tama)
    Earnings deluge poses test for fragile Wall Street AFP - Sat Jul 19, 1:10 PM ET

    NEW YORK (AFP) - A newly revived Wall Street faces a fresh test of momentum in the coming week with a wave of corporate results that may indicate whether the latest rebound is for real.

  • Chinese broker tried in insider trading AP - Sat Jul 19, 6:24 AM ET

    BEIJING - The former president of a major Chinese stock brokerage has gone on trial on insider-trading charges in connection with the company's 2006 stock market debut, a state news agency reported Saturday.

  • EU wants co-operation with SEC on rating agencies: report Reuters - Sat Jul 19, 6:00 AM ET

    FRANKFURT (Reuters) - The European Commission wants to cooperate closely with the U.S. Securities and Exchange Commission (SEC) on the planned regulation of credit rating agencies, the German financial weekly Euro am Sonntag reported.

  • Pakistan's Stock-Market Meltdown Time.com - Fri Jul 18, 5:55 PM ET

    Violence unhinges the country's once booming financial markets as investors worry about stability and some grow nostalgic for the Musharraf dictatorship

  • The Freddie Mac headquarters is seen on July 14 in McLean, Virginia. Troubled mortgage finance giant Freddie Mac announced plans Friday to raise 5.5 billion dollars through a new share offering as it registered with stock market regulators.(AFP/File/Paul J. Richards)
    Freddie Mac files with SEC, first step to capital Reuters - Fri Jul 18, 3:48 PM ET

    WASHINGTON/NEW YORK (Reuters) - Freddie Mac won approval from regulators on Friday to sell the stock needed to overcome mounting losses, and the Wall Street Journal said the mortgage finance company may seek $10 billion.

  • Court upholds dismissal of verdict against trader Reuters - Fri Jul 18, 12:10 PM ET

    NEW YORK (Reuters) - A judge was right to throw out a jury's securities fraud conviction of a former New York Stock Exchange floor trader because prosecutors did not prove their case, a federal appeals court ruled on Friday.

  • An investor is seen in front of an electronic shares price display at the Stock Exchange in Bangkok. Asian and European stock markets were subdued at the end of a highly volatile week for global equities amid stubborn investor jitters over the US banking results season.(AFP/Pornchai Kittiwongsakul)
    Global markets set subdued tone after rocky trading week AFP - Fri Jul 18, 6:58 AM ET

    LONDON (AFP) - Asian and European stock markets were subdued on Friday at the end of a highly volatile week for global equities amid stubborn investor jitters over the US banking results season.

  • An installation at the London stock exchange. The London stock market gained ground in opening deals after turbulent trade this week, with a gain of 1.74 percent in early morning deals.(AFP/File/Ben Stansall)
    FTSE 100 gains 0.50% at open AFP - Thu Jul 17, 3:46 AM ET

    LONDON (AFP) - The London stock market gained ground in opening deals on Thursday after turbulent trade this week, with a gain of 0.50 percent to stand at 5,176.60 points.

  • Some short-selling funds to gain from SEC curbs Reuters - Wed Jul 16, 7:36 PM ET

    BOSTON (Reuters) - U.S. securities regulators' moves to curb short selling of financial sector stocks may give a boost to a handful of exchange-traded funds (ETFs) that are shorting the financial sector and producing sizzling returns.

  • SEC joins charge against naked sellers FT.com - Wed Jul 16, 6:30 PM ET

    The Securities and Exchange Commission, the top markets watchdog in the US, is not known for acting fast. It can take months, if not years, for the regulator to enact new rules to govern the markets.

  • Treasury prices fall as stock market rebounds AP - Wed Jul 16, 5:33 PM ET

    NEW YORK - Treasury prices fell Wednesday as a drop in oil prices and better-than-expected results from Wells Fargo & Co. drew investors back into the pummeled stock market.

  • Wall St. Journal cuts 50 staff in realignment AP - Wed Jul 16, 5:23 PM ET

    NEW YORK - The Wall Street Journal is eliminating 50 editorial positions as part of a realignment that combines editorial oversight for its print and online editions, Managing Editor Robert Thomson said Wednesday.

  • Traders work on the floor of the New York Stock Exchange in New York, Thursday, July 24, 2008. Wall Street abruptly ended an earnings-driven rally and closed sharply lower Thursday after a steeper-than-expected decline in existing home sales and worries about the financial sector chilled the market's recent optimism. The major indexes fell about 2 percent, including the Dow Jones industrial average, which lost more than 275 points. (AP Photo/Ed Ou)
    SEC issues emergency rule to curb short sales Reuters - Tue Jul 15, 10:51 PM ET

    WASHINGTON/NEW YORK (Reuters) - U.S. securities regulators issued an emergency rule on Tuesday to limit certain types of short selling in major financial firms, including Fannie Mae and Freddie Mac .

  • U.S. SEC: more than 4 dozen subprime cases underway Reuters - Tue Jul 15, 11:47 AM ET

    WASHINGTON (Reuters) - Securities regulators have more than four dozen subprime investigations under way that involve subprime lenders, investment banks, credit rating agencies and insurers, the chairman of the U.S. Securities and Exchange Commission said on Tuesday.