Stocks News

"Implying that some banks may fail stirs concerns for any investor who's familiar with financial and economic history"

- The Toronto stock market is back in positive territory for the year.

Strong advances in energy and mining stocks sent the TSX higher but the market was held back by the financial sector as big Canadian banks reported earnings - and in CIBC's (TSX:CM) case, a huge loss.

Markets in New York registered sharp losses on more signs of a weakening American economy.

Toronto's S&P/TSX composite index advanced 95.51 points to 13,873.89.

The index had started 2008 at the 13,833 level, then slid for most of the first three weeks of the year to as low as 12,132. But a commodity rally has re-energized the market, lifting the TSX about 14 per cent since Jan. 21. Read more

"We do believe this is a moment of truth for our company: We must execute superbly, manage risk and just plain out-compete in this environment"

Wachovia Corp. expects to set aside more money in the first half of 2008 to cover troubled mortgage loans, according to its annual report filed today.

Citing 'rapidly changing conditions in the housing markets,' the Charlotte bank said its expense for bad loans will likely be more than .75 percent of average net loans in the first half of the year. It had previously estimated an expense below this level.

After taking big writedowns in the second half of 2007 because of the falling value of subprime-related investments, the bank did not provide estimates for any potential first-quarter writedowns. Read more

U.S. stocks fell one percent by midday as a round of tepid economic reports and a warning from the head of the Federal Reserve threatened to break a four-day winning streak. via Reuters

"TD's first quarter demonstrated the strength of our retail businesses in both Canada and the U.S. while our wholesale bank performed well relative to the more challenging financial market conditions we're facing"

Higher profits in wealth management and retail banking drove a 5-per-cent rise in first-quarter net income at Toronto-Dominion Bank, it said Thursday. via The Toronto Star

The U.S. dollar hit $1.51 to the Euro for the first time on record, and fell to historic lows against a basket of currencies, as weak data suggest more interest rate cuts. via Reuters Video

02/28 David Resler, economist from Nomura Securities International, says that while there are clear signs of a slowdown, a recession may not be definite. via ClipSyndicate

Fannie Mae , the largest provider of financing for U.S. home loans, on Wednesday reported a $3.6 billion quarterly loss as the housing slump deepened, sending its shares to a 12-year low. via Boston Globe

"Since then, in particular with the advent of such areas as quantum field theory and string theory, developments in geometry and physics have become if anything more interrelated."

A former chairman of Stony Brook University's math department really knows how to make the dollars add up: He's donated $60 million to the school. via WNBC-TV New York

"We've almost wrapped up discussions with Sony for the 8-2 (eighth generation/line 2) production line and it's been going well"

UPS: Sony, the world's No 2 LCD maker, may be close to pairing up with Samsung, the world's top LCD maker, in a new LCD production line, even after the Japanese firm invested in a Sharp LCD plant too. via Manawatu Evening Standard