Congressional oversight panel told of progress, including increases in the number of refinanced mortgages and signs that credit conditions have improved.
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.
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.
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.
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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 number of newly laid-off Americans requesting unemployment insurance benefits fell last week, a sign that job cuts could be easing.
