Stocks closed lower today, reversing earlier gains, as the enthusiasm from the much anticipated bailout for Spanish banks faded. Investors remain skeptical on the global economy, as they question whether or not the bailout will solve the underlying issue in Spain, along with eyeing the possibility of a Greek exit from the euro zone ahead of the June 17th elections.
Investors are concerned the $125 billion rescue for Spain’s banks has now pressed Italy to the forefront of the European debt crisis, on concern it may be the next EU member to succumb to seek financial assistance. Demand for Italian bonds will be in focus, as the country has about 2 trillion euros of debt outstanding.
European and Asian markets gained today after Euro zone officials and policy makers agreed late Saturday evening on a larger-than-expected bailout of 100 billion Euros ($125 billion) to aid in the recapitalization of struggling Spanish banks. ...
This week we mark the 228th anniversary of the beginnings of New York City’s first bank. On June 9, 1784, the Bank of New York opened its doors for business for the first time.
Alexander Hamilton, founding father who would devise so many aspects of the new nation’s financial system, was the chief architect of the new bank. He wrote its constitution and made the important choice that the bank should be based on specie – gold and silver – rather than land. Hamilton’s design for the bank addressed some major financial needs of the young country at the time – a stable currency and the ability to extend credit.
Eight years after its founding, the Bank of New York would become one of the first five securities...
Breakfast Bites: Markets are trading higher this morning, cheering Spain’s request for a bailout to help shore up its banks but concerns remained over the upcoming Greek election on June 17th and the global growth outlook. There is no domestic economic news out today.
The EU agreed to provide Spain (after they finally asked) with 100 billion euros to rescue its banking system
Moody's could issue its expected downgrades of large banks this week, with the short-term debt of Bank of America (BAC) and Citigroup (C) set to possibly receive cuts from Prime-1 to Prime-2.
In China, May exports grew 15.3% on year and imports 12.7%, well above expectations, while CPI increased less-than-forecast. On the flip side, industrial production and retail sales disappointed.
On Monday, June 11, 2012, executives and guests of KBW, Inc, a leading full-service investment bank that specializes in the financial services sector, visit the New York Stock Exchange (NYSE) to commemorate the company’s 50th anniversary.
To mark the occasion, Thomas B. Michaud, Chief Executive Officer and President, rings The Opening BellSM.
KBW, Inc. (NYSE: KBW) KBW, Inc. operates in the U.S., Europe, and Asia through its broker dealer subsidiaries, Keefe, Bruyette & Woods, Inc., Keefe, Bruyette & Woods Limited, and Keefe, Bruyette & Woods Asia Limited. Celebrating its 50th anniversary, KBW has established itself as a leading independent authority in the banking, insurance, brokerage, asset management, mortgage banking, real estate, and specialty finance sectors...
Ahead of the Bell: Dow futures are trading up 43 points and S&P futures are trading up 4 points after Europe agreed to a $125 billion rescue package for the Spanish banking system to be used to recapitalize and fund ailing banks. Investors remain concerned that Spain itself will require a bailout package similar to Ireland, Greece, and Portugal, but the EU member is yet to make such a request. China reported exports grew last month at more than double the pace analysts had forecasted.
On the economic calendar today, no reports are due. The dollar is up against the Japanese yen and down against the euro and British pound. Gold is trading at $1,592. Crude oil is currently trading at $84 a barrel.
Last week, stocks recovered all of the losses to finish the best week of the year following the disappointing jobs data on optimism the ECB and Germany will unveil a plan, and rescue...