Economy & Markets
The important economic and stock market news that advisors need to know.
Greece Teeters as Default Worries Grow
By Marlene Y. SatterThe odds of Greece defaulting on its sovereign debt within the next five years stood at 98% on Tuesday, as additional measures taken by its government failed to reassure investors and the cost of insuring the obligations climbed again.
September 12, 2011
JPMorgan’s Dimon Blasts Banking Rules, Krugman Blasts DimonJPMorgan Chase CEO Jamie Dimon called Basel III capital rules blatantly anti-American and suggested the U.S. should consider withdrawing from the group. Times Columnist Paul Krugman then took a shot at Dimon.
September 12, 2011
EuroPac’s Schiff, Goldman’s O’Neill Split on Obama Jobs PlanPredictions about the potential success of President Barack Obamas jobs stimulus plan have come flooding in as commentators consider his $447 billion American Jobs Act proposal. Equally predictable has been the polarized response.
September 12, 2011
Scrooges, Not Shoppers, This Christmas: SurveyAmericans are in a grim mood, and it's showing in their plans for holiday shopping, with 82% saying they will spend either the same as last year or less.
September 12, 2011
BofA to Slash 30,000 Jobs, $5 Billion a Year in CostsBofA's restructuring comes six days after Sallie Krawcheck was let go as head of wealth management, but company says it will continue to hire FAs.
September 12, 2011
PIMCO’s Gross Enduring Worst Year Since ’95PIMCO Total Return Fund, the worlds largest mutual fund, is having its worst year relative to rivals in 16 years.
September 12, 2011
Greece Worries Set Markets TumblingWorries that Greece might default on its mountain of sovereign debt sent global markets steeply downward on Monday, with bank stocks in France leading the plunge.
September 12, 2011
German Rift Threatens Euro ZoneJuergen Stark's sudden departure from his post at the European Central Bank (ECB) over the issue of buying bonds from troubled euro zone countries has led to wider problems, both in the zone and at home in Germany.