Wall Street

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Crude Oil Plunges, Dow Falls 117

Plunging crude closes at less than $38 a barrel

(Newser) - Energy companies are closing sharply lower, leading a broad decline on the stock market, after the price of oil dropped to its lowest point in nearly seven years. US crude plunged almost 6% to close below $38 a barrel Monday. That's the lowest level since February 2009, at the...

Dow Dips 78 on Holiday Gloom
 Dow Dips 78 on Holiday Gloom 
Nov 30, 2015 3:20 PM CST

Dow Dips 78 on Holiday Gloom

Stocks decline amid weak spending

(Newser) - Early signs of softness in holiday spending sent retail stocks lower on the first day of trading after the Thanksgiving holiday. Macy's and Kohl's each fell 2% Monday, while Target fell 1%, more than the rest of the market. Health care stocks also took a tumble. Drugmakers Celgene...

Dow Dips 31 as Rally Ends
 Dow Dips 31 
 as Rally Ends 
Nov 23, 2015 3:25 PM CST

Dow Dips 31 as Rally Ends

GameStop sinks 4%

(Newser) - An early gain for US stocks faded away in the afternoon, leaving indexes slightly lower. The slight losses Monday came after the market closed out its best week of the year. Video game retailer GameStop sank 4% after reporting earnings and revenue that fell short of analysts' forecasts. Pfizer and...

Dow Surges 238 on Energy Gains

Oil rises 3% to $41 a barrel

(Newser) - The stock market is closing solidly higher, led by gains in energy companies as the price of oil turned higher after a recent slump. The Dow Jones industrial average gained 238 points, or 1.4%, to 17,482 Monday. The Standard & Poor's 500 index increased 30 points, or...

Dow Tumbles 180 Amid Global Fears

Traders also wonder whether rate hike is coming

(Newser) - The stock market had its biggest fall in two weeks as investors worried that the global economy could be slowing. Traders were also worrying Monday that last week's strong jobs report opened the way for the first rate hike from the Federal Reserve in nearly a decade. Priceline plunged...

Dow Surges 165
 Dow Surges 165 
Nov 2, 2015 3:20 PM CST

Dow Surges 165

Health care stocks among the winners today

(Newser) - Stocks posted solid gains Monday, adding to last month's big advances and pushing the Dow Jones industrial average into positive territory for 2015. Several companies moved on news, including Chipotle Mexican Grill, and Visa. Health care stocks were among the winners as drugmakers Pfizer and AbbVie climbed, while energy...

Dow Falls 23 Before Fed Meeting

Investors see a busy week ahead

(Newser) - Stocks are closing mostly lower as traders look ahead to a busy week of corporate earnings and a Federal Reserve meeting. Xerox slumped 3% Monday after its quarterly revenue missed analysts' estimates. The company said it would review its business and spending plans. The Dow Jones industrial average fell 23...

Dow Surges by 304
 Dow Surges by 304 
Oct 5, 2015 3:15 PM CDT

Dow Surges by 304

Industrial and energy stocks lead the charge

(Newser) - US stocks are closing sharply higher, led by big gains in industrial and energy stocks. The rally Monday gave the Standard & Poor's 500 its fifth daily gain in a row. General Electric led the industrial sector higher, gaining 5%, after activist investor Nelson Peltz bought a stake in...

US Stocks Take a Bad Fall
 US Stocks Take a Bad Fall 
Sep 28, 2015 3:20 PM CDT

US Stocks Take a Bad Fall

Worries about China's economy keep growing

(Newser) - The stock market had its worst drop in nearly a month as investors worried about more signs of weakness in China's economy. The Dow Jones industrial average dropped 312 points, or 1.9%, to 16,001 Monday. The Standard & Poor's 500 index sank 49 points, or 2....

Dow Plunges 589 on Wild Day
 Dow Plunges 589 on Wild Day 
Aug 24, 2015 3:07 PM CDT

Dow Plunges 589 on Wild Day

The markets correct somewhat after horrific opening

(Newser) - The US stock market took investors on a stomach-churning ride today, as the Dow Jones industrial average briefly plunged more than 1,000 points and sent a shiver of fear from Wall Street to Main Street. Stocks regained much of that ground as the day wore on, with the Dow...

Feds: Hackers' Simple Scheme Earned Them $100M

They peeked at press releases before they went public

(Newser) - It was surprisingly simple and surprisingly lucrative: Feds say a group of hackers made $100 million by getting a look at corporate press releases before they went public. The hackers tapped into three big companies that distribute such releases—Marketwire, PR Newswire, and Business Wire—and were able to make...

Woman Wins $18M From Wall Street Boss in Sex Case

Hanna Bouveng said Benjamin Wey coerced her into 4 sexual encounters

(Newser) - A young Swedish woman who sued her former Wall Street executive boss over lurid allegations of sexual conquest, betrayal, and stalking was awarded $18 million by a federal jury yesterday. Hanna Bouveng, 25, accused Benjamin Wey in an $850 million lawsuit of using his power as owner of New York...

Google CFO Gets $70M for Leaving Wall St.

Ruth Porat will be paid more than her Morgan Stanley boss

(Newser) - If Google paid its employees in gold, Ruth Porat would be getting more than 3,500 pounds of it for leaving Morgan Stanley to join the company. Instead, she's getting more than $70 million in stock bonuses and cash to become Google's new chief financial officer, reports the...

McDonald's Unveils 'Gourmet' Plan as Sales Drop

Company's sales fall 4.5% domestically

(Newser) - Wall Street gave McDonald's a little kick today after the global fast-food giant posted some of its worst numbers in over a decade, USA Today reports. The problem, oddly, may be that its food is too fast. First, the numbers: The company's November sales fell by 4.5%...

Young People of Wall Street, Your Character Is Doomed

Michael Lewis says the working environment will surely corrupt them

(Newser) - Respected financial writer Michael Lewis is worried about the souls of Ivy League grads who continue to flock to Wall Street. They might arrive with ambitions to change the world for the better, but rest assured they'll be veterans playing by the corrupt old rules before long, he writes...

Eric Cantor Takes Job on Wall Street

Former majority leader joins investment bank Moelis & Co.

(Newser) - Following his exit from the House , Eric Cantor has a job on Wall Street. He'll be the vice chairman and managing director of investment bank Moelis & Co, NPR reports, and he'll also serve on its board. "When I considered options for the next chapter of my...

Company With 1 Worker Sees 25K% Stock Surge

But the SEC clamps down on Cynk

(Newser) - Too good to be true? A company with just one employee, no assets, and no revenue saw its penny stocks rocket to a $6 billion valuation this summer—enough for the SEC to shut down its trading and launch an investigation, the Wall Street Journal reports. The company, Cynk, runs...

Michael Corleone Goes Corporate
Michael Corleone Goes Corporate
OPINION
Jul 8, 2014 1:14 PM CDT

Michael Corleone Goes Corporate

Because today's gangsters are on Wall Street

(Newser) - The capos in the room were stunned. Had he really just said that? He had. "We're gonna incorporate," Michael Corleone declared, in a pretty weird conversation, as conjured up by Richard Cohen at the Washington Post . "The Godfather is dead. So is his way of doing...

Moneyball Author: US Stock Market Is Rigged

High-frequency trading enables big players to fix prices: Michael Lewis

(Newser) - The fix is in on Wall Street, and high-speed trading firms are reaping the rewards—at least according to Moneyball author Michael Lewis. Pitching his new book, Flash Boys: A Wall Street in Revolt, Lewis tells 60 Minutes that big firms beat smaller companies to the punch by thousandths or...

Financial Crisis a Joke at Secret Wall Street Party

Excerpt from Kevin Roose's 'Young Money' shows how the 1% gets down

(Newser) - Having ruined the global economy, why not celebrate with a party featuring homophobic jokes and music acts in drag? That's what reporter Kevin Roose discovered when he sneaked into the 2012 annual black-tie induction ceremony of Kappa Beta Phi, a secret Wall Street fraternity that's been around since...

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