Regulators raided the St. Louis headquarters of Wachovia seeking records related to the sale of auction rate securities.
The firm is being investigated as to whether its clients used offshore accounts to hide assets and avoid paying taxes.
Second-quarter profits edged up 1% at The Charles Schwab Corp. to $295 million, or 26 cents a share.
Legislation would set limits on the number of loans that can be taken from 401(k) plans and ban 401(k) debit cards.
UBS plans to buy back up to $3.5 billion of its auction rate securities after it was accused of fraudulent practices.
The CPI has risen 5% since June 2007, marking the highest year-over-year increase since the 5.3% jump between February 1990 and February 1991.
The producer price index for June brought more bad news for the economy, posting an increase of 1.8% as inflation took its toll.
State Street Corp. posted a 50% second-quarter earnings increase today while U.S Bancorp reported that profits dropped 18%.
The euro reached a high of $1.6036 on the dollar today, its highest level since the currency debuted in January 1999.
A downgrade by a Wachovia analyst sent American International Group shares tumbling to a 52-week low.
