Stocks rallied on Wednesday, rebounding from recent losses, as a bullish earnings forecast from State Street Corp fueled optimism about the upcoming earnings season.
Financial and materials shares pulled the stock market higher Wednesday after traders looked for beaten-down names.
Data on demand for airline seats pushed American airline carriers sharply higher Wednesday, boosting the overall market.
Wells Fargo is restructuring its operations, eliminating Des Moines-based Wells Fargo Financial and 3,800 positions nationwide, the bank announced Wednesday.
Stocks rallied on Wednesday, rebounding from recent losses, as a bullish earnings forecast from State Street Corp fueled optimism about the upcoming earnings season.
Investors holding $1 billion in Washington Mutual Inc. securities are suing to protect their investment from being transferred to J.P. Morgan Chase as part of Washington Mutual's bankruptcy reorganization.
Financial shares pulled the stock market higher Wednesday after State Street Corp.'s second-quarter profit forecast topped analysts' expectations.
Lulls don't last, but European Central Bank President Jean-Claude Trichet probably hopes the breathing space afforded by recent events will provide an opportunity to engage in a bit of confidence-building when he holds his monthly news conference on Thursday.
State Street Corp. said Wednesday that it expects to report net income of 87 cents per share for the second quarter, which would easily top analysts' expectations.
Stock market volatility and dropping federal bond yields were bad news in the second quarter for holders of Canadian pension plans.
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