Congressional oversight panel told of progress, including increases in the number of refinanced mortgages and signs that credit conditions have improved.
Hedge funds posted small gains last month following the rally in the equity market, according to a Morningstar report released today.
Jefferies Group Inc. swung to a first-quarter profit, beating Wall Street expectations, as the middle-market investment bank reported strong trading revenue growth.
Banking company KeyCorp is reporting another big quarterly loss, partly due to a large increase in its set-asides for loan losses, and plans to cut its dividend.
European markets dipped today as investors booked profits from last week's gains, while Asian stocks edged higher as the Chinese premier's positive assessment of the world's third-largest economy helped soothe nerves ahead of key earnings reports from leading U.S. companies.
Bank of America Corp. warned of worsening loan default problems Monday even as it posted a first-quarter profit of $2.81 billion. Investors concerned about the banking industry's health sent financial stocks and the overall market sharply lower.
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Despite a report by the Federal Reserve Board that found five out of 12 of its banking districts reporting a moderation in the pace of economic decline, many experts aren’t ready to predict the beginning of a recovery.
The economic meltdown many countries are experiencing is likely to last longer than typical recessions and be followed by a weaker than average recovery, the International Monetary Fund said today.
