Wall Street

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Wall Street Bonuses Take a 26% Plunge

Decline cuts into New York tax revenue

(Newser) - With inflation rising last year and recession worries mounting, Wall Street firms saw profits slipping. One result was the pool for employee bonuses drying up after the good financial times early in the pandemic, the Guardian reports. The kitty fell 26% last year, putting the average bonus at $176,700....

Banks Bounce Back, Sparking Another Rally for Stocks

Investors welcome reassurances from Yellen

(Newser) - Stocks rallied Tuesday, led by the banks most beaten down by the industry's crisis, and some of Wall Street's fear washed out on hopes the federal government will offer more help if needed. The S&P 500 posted its first back-to-back gain since Silicon Valley Bank's quicksilver...

Wall Street Is Having a Rough Day
It's Been a Brutal
Morning on Wall Street

It's Been a Brutal Morning on Wall Street

Dow falls more than 1K, and tech stocks are cratering a day after Fed move

(Newser) - Stocks are slumping in a big way on Wall Street, erasing a rally from a day earlier as markets assess the looming fallout from the Federal Reserve's stepped-up fight against inflation. Around noon, the Dow had fallen more than 1,100 points, or 3.2%, and the S&P...

Dreading an Internship? Would Being Paid $16K a Month Help?

Finance companies are paying big bucks amid a 'particularly tough recruitment year'

(Newser) - College students continue to vie for coveted Wall Street internships over the summer, and for good reason: Unlike internships in many other industries, they come with a fat paycheck. Fast Company cites a recent Glassdoor ranking of the top-paying US internships, a list in which finance companies "performed extremely...

Wall Street's Bull Gets a New Showdown

Organizers say Harambe display is about wealth inequality

(Newser) - Wall Street's iconic Charging Bull statue is currently facing off with a gorilla. Not just any gorilla, but Harambe: A 7-foot-statue of the Cincinnati Zoo gorilla who was fatally shot as he carried around a 3-year-old boy who'd gotten into his enclosure in 2016 was, on Monday, installed...

COVID-19 Vaccine Boosters Worth Billions for Drugmakers

Drugstore chains could reap huge profits, too

(Newser) - Billions more in profits are at stake for some vaccine makers as the U.S. moves toward dispensing COVID-19 booster shots to shore up Americans' protection against the virus. How much the manufacturers stand to gain depends on how big the rollout proves to be. US health officials late on...

Morgan Stanley to Bar the Unvaccinated

Only fully vaccinated people will be allowed inside New York offices starting July 12

(Newser) - Investment bank Morgan Stanley plans to lift mask and physical distancing requirements in its offices next month, but only after banning unvaccinated workers, clients, and visitors. The company told its workforce on Tuesday that employees and clients who are not fully vaccinated against COVID-19 will be unable to return to...

This May Be One of the Biggest Losses of Personal Wealth

Hedge fund manager Bill Hwang lost about $10B in a matter of days last month

(Newser) - The name Bill Hwang may not ring a bell for most people, but the low-profile hedge fund manager might just have earned a very unwanted distinction. Here is how industry expert Mike Novogratz sums it up to Bloomberg : "I've never seen anything like this—how quiet it was,...

Intended as a Joke, 'It Became a Cursedly Serious Thing'

The artist behind the Wall Street bull has died

(Newser) - The artist who sculpted Charging Bull, the bronze statue in New York which became an iconic symbol of Wall Street, has died in his hometown in Sicily at age 80, the AP reports. Arturo Di Modica died at his home in Vittoria on Friday evening, the town said in a...

Price of Silver Surges as Rebel Traders Zero In

Reddit forum helps send prices higher, as with GameStop

(Newser) - The same group of traders who sent prices of GameStop soaring last week is now pulling a similar move with silver, reports CNN . Silver futures rose 11% Monday to about $30 an ounce, which the AP reports is an eight-year high. Meanwhile, the phrase "#silversqueeze" was trending, a reference...

Stock Value Sinks After 'Deal Made in Heaven'
Stock Value Sinks After
'Deal Made in Heaven'

Stock Value Sinks After 'Deal Made in Heaven'

But stocks mostly move up after early losses Wednesday

(Newser) - Stocks shook off early losses and managed to end mostly higher on Wall Street, even as weakness in technology companies weighed on major US indexes, the AP reports. The S&P 500 edged up 0.2% Wednesday after trading lower for much of the day. The Nasdaq fell slightly and...

Wall Street Hits a New Record
On Wall Street, a New Record

On Wall Street, a New Record

The S&P 500 smashes yet another ceiling in shortened session

(Newser) - The S&P 500 rose to a record high in a shortened session Friday as investors continue to look forward to the distribution of a COVID-19 vaccine and relief for the global economy, the AP reports. The benchmark index rose 8.70 points, or 0.2%, led by gains in...

Investor Makes $12B on Biggest Software IPO Ever
Investor Makes $12B on
Biggest Software IPO Ever
the rundown

Investor Makes $12B on Biggest Software IPO Ever

Snowflake has a massive debut

(Newser) - If you're hearing the word "snowflake" a lot today, it has nothing to do with politics. Snowflake the tech company is coming off the largest software IPO in history on Wednesday, reports CNN . The company priced its shares for the initial public offering at $120, but they opened...

For First Time, a Woman Will Lead Major US Bank

Jane Fraser is taking over at Citigroup

(Newser) - Citigroup's Jane Fraser will become the first woman to ever lead a Wall Street bank when she succeeds CEO Michael Corbat in February. The New York bank announced the succession Thursday, per the AP and the Wall Street Journal . Fraser, 53, is currently head of Citi's global consumer...

Jim Cramer Targets 'Clueless' Buyers as Stocks Keep Rising

On the bright side, the S&P 500 rose yet again

(Newser) - Stocks closed higher on Wall Street Wednesday, lifting the S&P 500 to its fourth straight gain and pulling it within 2% of the all-time high it set in February, the AP reports. Companies that rely on consumer spending, banks, industrial, and technology stocks accounted for a big share of...

A Dodgy Day Has Good Results
United Stock Sinks
Amid 87% Revenue Plunge 

United Stock Sinks Amid 87% Revenue Plunge

But other stocks come out OK on a choppy day

(Newser) - Stocks closed with solid gains on Wall Street on Wednesday but only after a choppy day of trading that pulled indexes temporarily into the red, the AP reports. The S&P 500 rose 0.6%. The bumpy day came as investors sized up a mix of company earnings and another...

Stocks Rise After Bit of Good News Breaks
Stocks Rise After Good
News Breaks on the Virus

Stocks Rise After Good News Breaks on the Virus

The S&P 500 rises 0.9% following early results on a coronavirus vaccine

(Newser) - Stocks rose across the board on Wall Street Wednesday following some encouraging, though very early results in developing a coronavirus vaccine , the AP reports. Researchers said late Tuesday that one developed by the National Institutes of Health and Moderna revved up people’s immune systems in a preliminary test, as...

Tech Is Making Up for Wall Street Weakness
Caution Is in the Air
Despite Tech Gains

Caution Is in the Air Despite Tech Gains

Nasdaq hits another record high

(Newser) - US stock indexes drifted higher on Wednesday, as more gains for big tech companies helped make up for weakness elsewhere across Wall Street, the AP reports. Treasury yields and oil prices were also holding relatively steady. But caution still hung over markets, as gold nudged toward its highest price since...

Dow Edges Lower After Record Day
A Day After Making
History, the Dow Dips

A Day After Making History, the Dow Dips

It's a mixed day on Wall Street despite technology gains

(Newser) - Stocks are winding up with a mixed finish on Wall Street, even as gains for technology stocks pushed the Nasdaq to another record close, the AP reports. The Dow edged lower Wednesday but the S&P 500 rose 0.5%, a day after wrapping up its best quarter since 1998....

'Holy Cannoli': How Wall Street Left Loggers Reeling

Private timber companies are upending people's lives in Oregon

(Newser) - Drive outside Falls City, Oregon, and you'll see it: a lot of Douglas fir trees cut down to stumps. That image opens a ProPublica story about how Oregon—America's top lumber-producing state—allowed private timber companies to buy up land and suffered economically as a result. "You'...

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