Wall Street ratcheting down jobs expectations: JPMorgan economist
NEW YORK - Wall Street has lowered expectations for the pace of employment growth following higher than forecast jobless claims last week, but the latest jobs data due Friday won't tell investors much about the economy's momentum, JPMorgan Chase senior economist James Glassman said on Thursday.
Found 1 month ago on channel Reuters
Service sector growth rises in August: ISM
NEW YORK - The pace of growth in the massive services sector rose in August on the back of a rebound in employment, beating expectations, though a measure of new orders declined, according to an industry report.
Found more than 1 month ago on channel Reuters
Fairway to begin trading after IPO prices at $13
NEW YORK -- Fairway priced its initial public offering of stock at $13 per share, above expectations, with shares of the New York grocery store chain set to begin trading Wednesday....
BofA to Settle Mortgage Investors’ Class-Action
(NEW YORK) — Bank of America has agreed to settle a class-action lawsuit brought by investors who bought mortgage investments from Countrywide Financial, the California-based lender it acquired in 2008. The announcement came as the nation’s second biggest bank reported higher net income for the first quarter, but missed analysts’ expectations. Bank of America said Wednesday that it would pay $500 million to settle the lawsuit brought by the Maine State Retirement System and other pension funds who said Countrywide had misled them about the quality of the mortgages they bundled together and sold to investors before the crisis. The settlement is the latest reminder of the long fallout of Bank of America’s decision to buy Countrywide, which was known for making exotic loans. The purchase catapulted the bank into a spot at the top of the nation’s mortgage scene, but it’s been an albatross ever since, bringing lawsuits, regulatory investigations and quarterly losses. Bank of America ...
Stock Market Rebounds From Worst Day of the Year
(NEW YORK) — Strong housing and earnings reports helped stocks rebound from their worst day of the year. The Dow Jones industrial average rose 129 points, or 0.9 percent, on Tuesday, to 14,728 as of 1:50 p.m. EDT, winning back about half of the 265 points it lost a day earlier. Home construction topped 1 million last month, the highest level since June 2008. Robust earnings from companies including Coca-Cola also propelled the market higher. A recovery in housing and a pickup in hiring were major catalysts driving the stock market’s surge early this year. The Dow and the Standard & Poor’s 500 jumped 11.3 percent and 10.3 percent, respectively, in the first three months of 2013. (MORE: 6 Reasons Why the Stock Market Could Do Surprisingly Well in 2013) That run-up was interrupted Monday when stocks had their biggest decline since November. Worries about an economic slowdown in China led to a drop in prices for oil, copper, and other commodities, causing mining and energy stocks to fall. ...