Jefferies Group Inc. swung to a first-quarter profit, beating Wall Street expectations, as the middle-market investment bank reported strong trading revenue growth.
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.
The Securities and Exchange Commission has filed an amended complaint charging a former state political party leader and a hedge fund manager in connection with a multimillion-dollar kickback scheme involving New York's largest pension fund.
JPMorgan Chase said today it earned $2.14 billion for the first quarter, thanks to rising deposits and lower borrowing rates. The profit was 10 percent lower than last year, but better than expected.
The number of newly laid-off Americans requesting unemployment insurance benefits fell last week, a sign that job cuts could be easing.
