U.S. stocks dipped on Friday as a move by the U.S. government to take a large common equity stake in embattled Citigroup sowed more uncertainty over the fate of banks and grim economic data weighed on trading.
The U.S. economy suffered its deepest contraction since early 1982 in the fourth quarter, shrinking at a much worse-than-expected 6.2 percent annual rate as exports plunged and consumers slashed spending.
Stocks briefly cut losses on Friday as investors scoured the market for beaten-down shares following the S&P 500's earlier drop to a 12-year low.
Stocks slid to a 12-year low on Friday as a move by the U.S. government to take a large common equity stake in embattled lender Citigroup sowed more uncertainty over the fate of major banks.
Stocks slid to a 12-year low on Friday as a move by the U.S. government to take a large common equity stake in embattled lender Citigroup sowed more uncertainty over the fate of major banks.
Stocks headed for a sharp slide at Friday's open as news the U.S. government was taking a large common equity stake in embattled lender Citigroup sowed more uncertainty over the fate of major banks.
The U.S. government will boost its stake in Citigroup Inc to as much as 36 percent, bolstering the banking giant's capital base in one of the most dramatic efforts yet to prop up the ailing banking industry.
Stock index futures fell on Friday, weighed by a drop in financial shares following news that the U.S. government is taking a large common equity stake in embattled lender Citigroup .
The Treasury Department announced on Friday it will convert some of the preferred stock it holds in struggling Citigroup into common stock, a step that will give it a significant stake in the bank.
Governments on both sides of the Atlantic moved to tighten their grip over banks on Friday to stem a financial crisis that has pushed the U.S. economy into its deepest contraction in more than a quarter century.
Stock index futures turned lower on Friday on news the U.S. government is taking a large common equity stake in embattled lender Citigroup .
The U.S. government will commit to holding a common equity stake of up to 30-40 percent in Citigroup in a deal that will see most of the group's board replaced, a person familiar with the transaction said on Friday.
The U.S. government and Citigroup have reached a deal to convert up to $25 billion in government-held preferred shares in the bank to common equity, a person familiar with the transaction said early on Friday.
As criticism mounts to make over the Dow Jones Industrial Average .DJI, the godfather of one of the oldest stock forecasting methods known as Dow Theory sees few pressing reasons for upending its lineup.
Stocks headed for a higher open on Thursday as investors searched for beaten-down shares, with financial shares set to rebound following reassuring news from Europe on bolstering the banking sector.
The government released more bleak news on the economy, however, as one report showed the number of U.S. workers continuing to claim jobless benefits notched a fresh record in the second week of Februa...
Citigroup Inc is closing in on an agreement to boost the U.S. government's stake in it to as much as 40 percent, the Wall Street Journal reported on its website, citing people familiar with the situation.
U.S. banking regulators on Wednesday launched a stress test program to assess the largest banks' ability cope with the possibility of a deeper recession in which the unemployment rate climbs above 10 percent next year.
Stocks fell on Wednesday as investors were hit by a report showing yet more deterioration in the housing market, while uncertainty about Washington's plans to shore up the banking system persisted.
President Barack Obama's first address to Congress offered few new insights on government plans to stabilize the economy and shore up banks.
Investors sold off shares of financial services companies a...
Stocks fell on Wednesday as President Barack Obama's first address to Congress shed little new light on how he plans to stabilize the economy and shore up banks, and gloomy home sales data fed the negative sentiment.
Obama said in his speech on Tuesday night the United States would emerge stronger from the ongoing crisis, but investors found little in what he said to spur buying after the market...
U.S. stocks cut losses on Wednesday after Federal Reserve Chairman Ben Bernanke said in Congressional testimony that regulators do not plan anything like nationalization for Citigroup.
U.S. stocks cut losses on Wednesday after Federal Reserve Chairman Ben Bernanke said in Congressional testimony that regulators do not plan anything like nationalization for Citigroup .
* Shares of Citigroup rose nearly 3 percent to $2.67. Before Bernanke's comments the stock was down more than 4 percent.
* Weighing on the market was disappointment that a major speech by U.S. Preside...
Citigroup may sell both its Japanese investment bank and brokerage, according to media reports, as the faltering U.S. lender looks to raise more cash from a sale of global assets.
