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 tried to sort through some problematic readings on the economy and new concerns surfaced about the safety of owning financial stocks.
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Wall Street looked set to fall on Wednesday as investors worldwide struggled to decide whether a surprise U.S. interest-rate cut the day before was a sign of salvation or of worse to come in troubled markets.
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Global stock markets fall again following Wall Street's lead on worries about the state of some of the banks.
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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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Wall Street stocks were mixed yesterday, having pared early losses, after a big fall in profits at Bank of America (NYSE:BAC) added to woes in the financial sector and weighed on investor confidence.
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Worries about the U.S. economy and fears over bank credit rippled across financial markets on Monday, sending stocks sharply lower and setting up Wall Street for a poor start.
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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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Investors were reminded of the uncertainty plaguing Wall Street.
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US stocks had a weak start on Thursday, as doubts continued about a plan by world central banks to help alleviate the worst effects of the credit squeeze and worries about inflation returned.
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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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World stocks and emerging market assets weakened on Wednesday while safe-haven government bonds rose as UBS  unveiled $4 billion in new write-downs, stirring fears the five-month-old credit crisis is deepening.
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Stocks tanked Friday as worries about more problems in the bank sector, slower corporate earnings growth, the weak dollar, and record-high oil prices all came to a head.
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Wall Street stocks were set for a lower start on Thursday after a sharp spike in jobless claims added to worries about the labour market and as wary traders reflected on a 50 basis point rate cut and the possibility of downgrades of key bond insurers.
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Wall StreetÂs growing pessimism about the economy sent stocks down for a second straight day.
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U.S. stocks declined on Thursday, pushed down by declines in banking shares after Britain's HSBC  warned that bad debts from its U.S. mortgage lending business would hurt results.
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Another bank took an ax to its asset valuations Friday, as the parade of markdowns induced by the recent credit crunch continued. The latest ten-digit chop came from Wachovia Bank, which said it wrote down loans and other securities by a total of $1.3 billion in the third quarter, contributing to an overall profit decline [...].