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Bank of America was near an agreement with U.S. officials late Thursday that would provide it with fresh capital while backstopping $115 billion to $120 billion of assets.
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A gain related to WaMu helped J.P. Morgan post a profit despite a surge in provisions for credit losses and markdowns on leveraged loans. (Conference call transcript)
New York's attorney general issued subpoenas to former GMAC Financial Services Chairman J. Ezra Merkin, three of his funds and 15 nonprofits in his probe of alleged frauds on charities in the Bernard Madoff scandal.
Stocks wrapped up the day close to where they began, after a wild ride that sent the Dow industrials below 8000 for the first time since November.
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Dealers in the troubled correlation markets planned to vote this week on a series of changes the reformers hope will bring liquidity back to the market.
European shares ended down, as economic troubles pressured banks once more and the European Central Bank cut interest rates.
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This month's benchmark crude futures are adhering closely to last month's script, plunging toward a five-year low soon after topping $50 a barrel.
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Bond fund giant Pimco put a brake on its buying spree in mortgage-backed securities last month, while raising government debt holdings following 11 straight monthly reductions.
Swiss bourse operator Six Group said the CEO of its SWX Europe unit will step down, as its parent, the Swiss stock exchange, prepares to close the London business and relocate operations to Zurich.
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Russia's ruble hit a historic low against the dollar Thursday amid expectations that the Russian economy will continue to suffer in 2009 as a result of the global economic crisis.
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Private-equity firms have more than $1 trillion available for deal making this year after the industry achieved the second-highest level of fund raising on record last year.
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A pessimistic outlook from J.P. Morgan and new dismal data from Capital One foreshadow deeper and more protracted pain for credit-card issuers.
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Wall Street's deflation alarms will ring again Friday when the Labor Department releases the latest consumer price index.
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Obama's choice to head the SEC promised to act aggressively to revitalize the embattled agency's enforcement efforts.
The Dow breaks the losing streak, Intel looks to the future and sees nothing, and Steve Jobs' absence complicates the Apple outlook.
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Investors who sought a piece of the action when oil prices were soaring fell victim to fraudulent schemes.
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The stock valuations of DirecTV and Dish Network have diverged dramatically over the past year, creating an opportunity for investors.
Journal reporters explain how easy money led to the collapse of Wall Street's biggest firms.
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U.S. stocks snapped a six-session losing streak as the Dow industrials bounced off the 8000 level, but traders still fretted about the capital needs of Bank of America and Citigroup.
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Long-dated Treasurys benefited Thursday from renewed worries about the U.S. banking sector. But gains were tempered in afternoon trading on the back of rebounding stocks.
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Natural-gas futures settled below $5 a million British thermal units for the first time in over two years.
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A sustained aversion to risk bolstered the dollar's traditional safe-haven status to leave it with moderate gains against most of its major rivals. The euro slid in the wake of the ECB's rate cut and downbeat commentary from Trichet.
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Even as U.S. and European governments have plowed money into banks, getting them to start lending again isn't proving easy. No such problem in China, where top banks remain state-owned.
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The Irish government will take control of Anglo Irish Bank after it took hits from an accounting scandal and the broader financial crisis.
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The government is close to finalizing a deal that would give billions in additional aid to Bank of America to help it close its acquisition of Merrill.
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Lehman Brothers and numerous U.S. affiliates have increased their cash balance to about $6 billion since entering bankruptcy protection.
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San Francisco Federal Reserve President Janet Yellen threw her weight behind a hefty fiscal stimulus package, noting Thursday the ?extraordinary circumstances? of the current financial crisis and the fact that the Fed is running out of interest-rate ammunition
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