The Federal Reserve has joined with the European Central Bank to pump billions more dollars into the banking system, trying to persuade financial institutions there's money to be had. Bob Moon explains.
Exxon Mobil reported $10.9 billion in profits last quarter, but Wall Street was disappointed. Because even though Big Oil's prospects look good at the well head, they're mostly evaporating by the time consumers pull up to the gas station. Bob Moon reports.
President Bush was firmly on message today in a Rose Garden press conference: It's a slowdown, not a recession… He'd love to lower gas prices, but Congress is standing in the way. Bob Moon and Kai Ryssdal examine what the president said and didn't say.
The U.S. economic slowdown is affecting even Avon's bottom line. So the cosmetic company is assembling a door-to-door sales force throughout the U.K. Avon also enlisted actress Reese Witherspoon for an ad campaign. Bob Moon has more.
Citibank, the nation's biggest bank, says it lost $14 billion in the first quarter. But its assurance that it was working to climb out of the hole was good enough for investors, who bumped up its stock 4%. Bob Moon reports.
After JPMorgan and Wells Fargo announced big drops in 1st-quarter profits today their shares promptly shot up and the Dow jumped for joy. Why? The numbers actually met or exceeded expectations. Bob Moon reports.
With Wachovia posting an unexpected first-quarter loss of $350 million, investors are left to wait and wonder what's coming up around the next curve as more earnings reports from investment banks are due this week. Bob Moon reports.
Given the state of the economy, maybe it shouldn't have been such a shock when General Electric reported a 6% drop in first quarter profits. But it was. And if there's one thing Wall Street doesn't like it's surprises. Bob Moon reports.
Unconfirmed reports say Citigroup is close to selling $12 billion in loans, at a sizable loss, that it wants to get off its books. How much are bad loans worth and why would anyone buy them? Bob Moon reports.
Head of government agencies and investment banks went before a Senate committee to defend the Fed rescue of Bear Stearns, saying greater economic harm would have resulted if action weren't taken. Bob Moon reports.
