Associated Press
Faced with the danger of a worsening recession, Federal Reserve policymakers at their March meeting took the bold step of plowing $1.2 trillion into the economy to drive down interest rates and entice Americans to start buying again.
Wall Street moved cautiously higher today, with insurance and homebuilding stocks leading the market's gains on a dose of positive news for those industries. The gains were held in check, though, by worries over weak first-quarter earnings reports.
Shares of U.S. life insurance companies rose broadly on today, after a report that the U.S. Treasury Department plans to extend the Troubled Asset Relief Program to some life insurers.
Investors have sent stocks lower, extending a pause in a big four-week rally as the market girds itself for potentially grim earnings reports.
Citigroup Inc.'s new board chairman, Richard Parsons, said financial institutions are being targeted for creating the nation's financial crisis, but they aren't the only ones responsible.
Bank of America Corp. said Tuesday it named Steven J. Niemczyk as global head of the company's asset management investment banking unit, effective in June.
A bankruptcy judge approved a plan today that would allow a Boston firm to take over a securities trading operation owned by disgraced financier Bernard Madoff, barring any last-minute offers from other potential buyers.
Wall Street pulled back this morning as investors took profits following a four-week rally, fearful of poor earnings reports starting this week and more trouble for banks.
Stockholders have purchased nearly 97 percent of new shares offered under a rights issue, HSBC PLC said Sunday, raising nearly $18 billion (12 billion pounds) for the London-based bank.
Citigroup Inc. on Monday took the "interim" out of Mike Corbat's title as chief executive of Citi Holdings, the business that includes the riskier assets at the big banking company.
