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Bank of America’s profits plunged by more than half as it set aside more than $5 billion in capital to brace itself against possible loan defaults in the coming months. The nation’s No. 2 lender on Thursday reported earnings of $3.53 billion, or 37 cents per share versus $7.35 billion, or 27 cents a share, …
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Goldman Sachs boss David Solomon can thank the traders he decided not to fire for delivering one of the bank’s best quarters in years. The Wall Street giant posted second-quarter earnings per share of $2.4 billion, or $6.26 a share, blowing past Wall Street’s expectations of $3.78 a share. The blowout beat was driven in …
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The wheels are coming off The Stagecoach. Wells Fargo swung to a big loss in the second quarter, forcing it to set aside billions of dollars to cover possible loan losses ahead as the coronavirus threw a wrench into its efforts to recover from a slew of scandals. The third-biggest US lender posted a net …
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The Dow dropped 700 points on Wednesday amid growing fears that the sudden spikes in COVID-19 cases could delay the economy from rebounding as quickly as some had hoped. The Dow Jones industrial average index of blue-chip stocks ended the day down 710.16 points, or 2.7 percent, to 25445.94, while the S&P 500 fared only …
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Wall Street’s major indexes fell on Wednesday as investors weighed the risk to domestic economy from rising coronavirus cases and a worsening forecast of the damage from the pandemic. Washington state made face masks mandatory in public places, while many other US states saw record cases, including Arizona and Texas, where restrictions meant to slow …
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With the economy slowly bouncing back from coronavirus quarantines, Wall Street bonus season is shaping up to be less of a nightmare and more of a very bad dream. The latest survey by compensation consultant Johnson Associates predicts that financial services pay will be slashed by 15 percent to 20 percent in 2020 — a …
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The Dow plummeted 6.9 percent on Thursday in its sharpest one-day decline since the start of the coronavirus as investors face the prospect of a slow perhaps painful recovery. The Dow Jones industrial average plunged 1,861.82 points, to close at 25,128.17, while S&P 500 slid 5.9 percent, to 3,002.10. Even the Nasdaq Composite index of …
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US stocks slumped on Thursday with the Dow shedding more than 5 percent and the index on track for its sharpest one-day decline since March 18, as investors fretted over a resurgence in coronavirus infections and a grim economic outlook from the Federal Reserve. The S&P 500 and the Dow Jones were set to wipe …
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Move over hedge fund titans, Joe Sixpack is taking over the stock market. The recent rally, which has pushed the Dow up 45 percent from its coronavirus lows, is being driven in good part by mom-and-pop investors high on stimulus checks, the rise of free trades and apps like Robinhood, experts say. The Dow on …
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US stocks tumbled Tuesday after a six-day rally that had briefly left the S&P 500 index in positive territory for the year. The Dow Jones industrial average dropped as much as 421.38, or 1.5 percent, to 27,151.06 by midday, as doubts resurfaced about the US economy’s ability to recover from the coronavirus crisis. The blue-chip …
Bank of America’s profits plunged by more than half as it set aside more than $5 billion in capital to brace itself against possible loan defaults in the coming months. The nation’s No. 2 lender on Thursday reported earnings of $3.53 billion, or 37 cents per share versus $7.35 billion, or 27 cents a share, …
