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NEW YORK | Wall Street put a stop to a terrifying decline and stormed higher Friday as President-elect Barack Obama appeared ready to tap the chief of the New York Federal Reserve as the next Treasury secretary and hand him the herculean task of righting the U.S. financial system.
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LOCAL shares up more than 6pc as Government prepares to unveil massive plan to boost economy.
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The Bush administration is expected Tuesday to announce a broad plan to rescue frozen credit markets that includes buying stakes in financial institutions and insuring some bank debt for three years, according to a person briefed on the proposal.
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The terms of the government bailout will result "in the liquidation of AIG, the loss of thousands of jobs, and the irretrievable loss of billions of dollars in shareholder value," Maurice Greenberg wrote.
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US stocks shot higher today on rising confidence in governments' actions to combat the global financial crisis after a highly volatile week as investors scrambled to deal with frozen credit.
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Sandy Weill the former chairman and chief executive of Citigroup is contemplating a very public return to the investment market - bringing two of his former lieutenants along with him.
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LONDON (Reuters) - Oil climbed back above $64 a barrel on Monday as it followed equity markets higher and recovered from deep falls to a 17-month low.
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NEW YORK (Reuters) - Stocks climbed on Thursday as investors snapped up shares trading near their lowest levels in five years on optimism that aggressive rate cuts by global central banks, including the Federal Reserve, will help cushion a worldwide economic downturn.
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US shares rallied overnight, extending the gains from a strong week, as investors focused on lower interest rates and improving credit conditions.
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The prospect of a clear winner helped lift the market as investors looked forward to strong political leadership to deal with the financial and economic crisis, ending months of uncertainty
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WALL Street staged a powerful rally as Americans voted overnight, with investors hoping that a new President will bring relief from the global financial crisis.
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Nov. 4 - Many New Yorkers say lines at voting booths were longer than usual as voters cast their lot for the next U.S. president.
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Barack Obama will face his first brutal test of how well he is managing his 10-week White House transition period when the stock market reacts to his announcement of the next Treasury secretary
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US stocks rallied in opening trade today as investors welcomed a whopping 586-billion-dollar economic stimulus package by China and an enlarged US government bailout for insurer AIG.
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Treasury Secretary Henry Paulson said that while the auto industry was "critical," the money in the $700 billion bailout package was meant above all for the financial sector.
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The Treasury Department is looking into the South Carolina governor’s concerns about the timing and circumstances of a retirement package of more than $12 million that was awarded to the former chief executive of the state’s bank, the South Financial Group, which expects to receive $347 million under the government’s $700 billion banking bailout. Gov. Mark [...]
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NEW YORK (AP) _ Wall Street staged a surprising comeback Friday, with the major indexes jumping more than 5 percent and the Dow Jones industrials surging nearly 500 points in a late afternoon rally, ending another volatile week that saw stocks reach six-year lows.
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As president of the New York Fed, he has been deeply involved in responding to the financial crisis. The decision cheers Wall Street. President-elect Barack Obama on Friday selected the head of the Federal Reserve Bank of New York as his nominee for Treasury secretary, choosing a vigorous advocate of government intervention in the troubled economy who nonetheless commands wide respect among conservatives.
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Money & Co. blog: The New York Fed chief has helped structure the financial-system bailout plan, but unlike Henry Paulson he isn't a product of Wall Street.
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Though little known off Wall Street, Geithner has been key player in U.S. response to economic woes.
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As president of the New York Fed, he has been deeply involved in responding to the financial crisis. The decision cheers Wall Street. President-elect Barack Obama on Friday selected the head of the Federal Reserve Bank of New York as his nominee for Treasury secretary, choosing a vigorous advocate of government intervention in the troubled economy who nonetheless commands wide respect among conservatives.
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A senior aide to Barack Obama confirms that New York banking chief Timothy Geithner will be named treasury secretary.
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By selecting Tim Geithner as his Treasury secretary, Barack Obama has opted for a figure who plausibly represents change while also offering a high degree of continuity with both the Paulson Treasury and its Clinton administration pre-decessors
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Stocks turned in a strong performance on Wednesday, with the major averages all ending the day firmly in positive territory after seeing some early weakness. The notable gains came as investors shrugged off a barrage of negative economic news and went bargain hunting. While stocks initially moved lower on the heels of the weak economic data, the markets staged a notable turnaround over the course of the morning and continued higher in the afternoon.
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Dire sales figures from GM put a lid on US stocks' tenacious recovery from the heaviest sell-off since October
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NEW YORK (Reuters) - Stocks rallied to their highest level in a month on Monday on optimism President-elect Barack Obama's proposed infrastructure spending could limit the depth of the year-old recession and on hopes for a government bailout of the three U.S. automakers.
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Wall Street extended a global rally amid redoubled efforts to try to revive the economy, including signs that the government will bail out troubled U.S. automakers.
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Wall Street extended a global rally amid redoubled efforts to try to revive the economy, including signs that the government will bail out Detroit’s troubled automakers.
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UPDATED: Wall Street rallied for the second successive trading day Monday on hopes that plans for hundreds of billions of dollars in infrastructure spending by a new Obama administration will help get the crippled economy back on its feet.
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Hard-hit industrial and commodity stocks were among the most prized in a bullish session on Wall Street that lifted the market to its highest level in nearly a month
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A stock market gaining in confidence shot higher for a second straight session Monday as investors bet that President-elect Barack Obama's plans to increase infrastructure spending will help lift the economy back to health.
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The former head of collapsed investment bank Bear Stearns has said that the concept of Wall Street as a collection of powerful financial institutions is over as a result of the events of the ongoing financial crisis.
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World stock markets fall sharply after the US carmaker bail-out package is rejected by the Senate.
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Former Nasdaq chairman and founder of Bernard L. Madoff Investment Securities, Bernard Madoff, has been arrested and charged with allegedly running a $50 billion pyramid-type swindle.
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NEW YORK (Reuters) - Stocks rallied on Tuesday after the Federal Reserve rewrote its playbook by slashing borrowing costs to a record low, even zero, and pledging more unconventional steps to fight the deepest recession in generations.
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General Motors (GM) climbed in pre-market trading, after the U.S. Treasury Department agreed to buy a $5 billion stake in GMAC.
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