Industry news
Retail Weakness Hampers StocksStocks fell amid further unsettling signals on employment and spending. A slide in Wal-Mart shares weighed on the Dow industrials.
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U.S.: Madoff Had Checks in DeskBernard Madoff had more than $173 million in signed checks in his office desk that he was ready to send out at the time of his arrest last month, prosecutors say.
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BOE Cuts Rates to 1.5%The Bank of England cut its key rate by half a percentage point to 1.5%, taking it to the lowest level since the central bank was founded in 1694.
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High Inventories Sap Oil PricesCrude-oil futures fell as high U.S. inventory levels, especially at the contract's delivery point, put a spotlight on weak demand.
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Treasurys Build on Gains After AuctionIntermediate Treasurys added to their gains following a well-bid 10-year Treasury note auction, the last of three Treasury note sales this week, and as hedges related to corporate bond deals were removed.
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Banks, Miners Fall in EuropeEuropean stocks ended down, but off earlier lows. Mineral extractors and banks bore brunt of the losses, with London's FTSE falling 0.1%.
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SEC Reopens Probe of Trading at PequotThe SEC has reopened a probe into possible insider trading of Microsoft shares by Pequot Capital.
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Kuwait Bank Defaults on DebtTop Kuwaiti bank Global Investment House said it defaulted on most of its $3 billion debt obligations, raising concerns that other Arab Gulf financial firms may follow as the world financial crisis is spreading to the region.
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RBS Mulls BOC Stake SaleRoyal Bank of Scotland said it is considering selling its 4.3% stake in Bank of China.
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Satyam Scrambles to Assess FinancesSatyam revealed it was strapped for cash and scrambled to assess its finances and ensure continuity of operations even as its chief financial officer resigned.
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Merckle Family to Sell RatiopharmAdolf Merckle's family plans to sell generic drug maker Ratiopharm after securing a bridge loan to prop up the teetering business empire.
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TD Ameritrade to Buy ThinkorswimTD Ameritrade agreed to acquire thinkorswim for $606 million in cash and stock, in a move to push further into the fast-growing options market and build up its investor education programs.
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OECD: Cleanse Banks of Bad LoansThe failure of the U.S. and European governments to remove bad loans from banks before they are recapitalized may prolong the financial crisis, the OECD said.
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SEC Nominee to Face Tough QuestionsMary Schapiro, Obama's pick for SEC chair, is likely to face some tough questions from senators next week on how she intends to reform the battered securities regulator.
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GMAC Sees Progress in Reshaping ResCapGMAC reiterated its support for mortgage unit Residential Capital, saying it has made "significant progress" in reshaping ResCap to better align it with current market conditions.
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Industry news provided by WSJ Online.
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Wall Street falls as Wal-Mart eclipses Obama (Reuters)Stocks fell for a second straight day on Thursday as Wal-Mart's disappointing December sales and lowered earnings outlook fueled concern the recession may be worsening, pinching consumers' wallets further.
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Autoworkers union begins talks on concessions (AP)United Auto Workers union bargaining officials are arriving in Detroit this week to begin discussing wage and benefit concessions they must make so General Motors Corp. and Chrysler LLC can keep their federal loans.
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Citi nears deal with Congress on home loan change (AP)Citigroup Inc. is in advanced talks with lawmakers on a plan to let bankruptcy judges alter home loans in an effort to prevent foreclosures, a person briefed on the matter said Thursday.
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Stocks decline as jitters about consumers revive (AP)A profit warning from Wal-Mart Thursday touched off fresh worries about consumers' willingness to spend and sent stocks lower for a second session. The Dow Jones industrial average fell 100 points.
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Kashkari: US financial system 'more stable' (AP)The head of the government's $700 billion financial rescue program says the effort has made the nation's financial system more stable.
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News provided by Yahoo! Finance.
