12:01 PM EDT, 10/04/2011 (MidnightTrader) -- Shares of Bank of America (BAC) hit yet another 52-week low after President Obama derided the bank's move to charge consumers a $5 fee to use a debit card for purchases, according to a CNBC report.
"This is exactly why we need this Consumer Finance Protection Bureau that we set up that is ready to go," President Obama said.
Tuesday, 4 October 2011
Monday, 3 October 2011
Bank of America Website Suffering Access Issues Again
--Bank of America website problems started on Friday
--Bank spokeswoman says problems not a result of hacking, attack or malware
--Spokeswoman said most customers can still access accounts
(Updates with comments from bank spokeswoman starting in fourth paragraph.)
NEW YORK (Dow Jones)-- Bank of America Corp. (BAC), the nation's biggest bank by assets, continues to suffer issues with its online banking website on Monday, a problem that has persisted since last Friday.
Some customers trying to access either the bank's homepage or their personal accounts are experiencing slowness and trouble accessing them. The problems initially started on Friday, continued to impact sporadic accounts Saturday and have come back Monday, key dates for some customers who get paid on the first of the month or owe bills.
--Bank spokeswoman says problems not a result of hacking, attack or malware
--Spokeswoman said most customers can still access accounts
(Updates with comments from bank spokeswoman starting in fourth paragraph.)
NEW YORK (Dow Jones)-- Bank of America Corp. (BAC), the nation's biggest bank by assets, continues to suffer issues with its online banking website on Monday, a problem that has persisted since last Friday.
Some customers trying to access either the bank's homepage or their personal accounts are experiencing slowness and trouble accessing them. The problems initially started on Friday, continued to impact sporadic accounts Saturday and have come back Monday, key dates for some customers who get paid on the first of the month or owe bills.
Friday, 30 September 2011
End-of-Quarter Portfolio Rejiggering Rattles Shaky Markets
NEW YORK (Dow Jones)--Investors have been a trigger-happy lot this week, gobbling up risky securities one day and dumping them the next.
But while the European debt crisis dominated the conversation in the market, a key factor behind the turmoil was the fact that it's the end of the quarter.
Quarter-end is always a big deal for large, conservative investors like insurance companies and pension funds, which typically face self-imposed limits on their risk-taking and on how much they can hold in different investments. Those rules mean that at quarter-end they place buy or sell orders just to get back in line with their mandates.
But while the European debt crisis dominated the conversation in the market, a key factor behind the turmoil was the fact that it's the end of the quarter.
Quarter-end is always a big deal for large, conservative investors like insurance companies and pension funds, which typically face self-imposed limits on their risk-taking and on how much they can hold in different investments. Those rules mean that at quarter-end they place buy or sell orders just to get back in line with their mandates.
1:01 (Dow Jones) The outperformance of the 30-year Treasury bond even turns the benchmark 10-year note into a relative laggard despite the latter's deeper liquidity. The extra yield investors demand to own 30s rather than 10s is 1.019 percentage points, the narrowest spread since July 2010 . It was 1.262 the day before the unveiling of Operation Twist last week. Some investors say the planned Fed buying will keep the 30-year yield falling in coming months, making the trade of buying 30s and selling 10s attractive. Some traders expect the yield gap to drop to as low as 0.75 point the next couple of months. (min.zeng@ dowjones.com)
Fed to begin 'Operation Twist' on Monday
The New York Federal Reserve Bank of New York said Friday that it would begin Treasury purchases and sales on Monday as part of the program dubbed "Operation Twist" announced by policy makers earlier this month. The Fed will buy long-term debt on Monday, Tuesday and Friday and inflation-linked debt on Wednesday. It will sell one-year debt on Thursday, the Fed said on its schedule posted on its web site.
- Deborah Levine
- Deborah Levine
Wednesday, 28 September 2011
SEC Delays Ruling On New Stock-Market Shock Absorbers
The U.S. Securities and Exchange Commission on Wednesday put off until Nov. 28 a decision on stock exchanges' plan for a new system of shock absorbers to contain market volatility.
Regulators are weighing a proposal, put forth by exchanges in April, to retool the "circuit breaker" system developed to curb the massive price swings seen during the May 2010 "flash crash," replacing it with a new regime traders say will allow the market to operate more smoothly.
A ruling on the plan had been slated for Sept. 29 . Another two months will let regulators weigh reaction from the industry, which has included concerns that the program could create snarls for traders trying to price derivatives contracts.
The new concept would put in place curbs preventing share prices from rising or falling too quickly, though buying and selling could continue within such limits.
The current circuit breaker system automatically halts all trading in stocks and exchange-traded funds that see a 10% price move within a five-minute period. These temporary halts have at times frustrated firms that must sit on the sidelines until the affected security is reopened for business.
-By Jacob Bunge
Regulators are weighing a proposal, put forth by exchanges in April, to retool the "circuit breaker" system developed to curb the massive price swings seen during the May 2010 "flash crash," replacing it with a new regime traders say will allow the market to operate more smoothly.
A ruling on the plan had been slated for Sept. 29 . Another two months will let regulators weigh reaction from the industry, which has included concerns that the program could create snarls for traders trying to price derivatives contracts.
The new concept would put in place curbs preventing share prices from rising or falling too quickly, though buying and selling could continue within such limits.
The current circuit breaker system automatically halts all trading in stocks and exchange-traded funds that see a 10% price move within a five-minute period. These temporary halts have at times frustrated firms that must sit on the sidelines until the affected security is reopened for business.
-By Jacob Bunge
Hedge Funds Face New Round of Redemptions As Losses Bite
LONDON (Dow Jones)--The hedge fund industry is braced for a new round of redemptions after two months of poor performance and growing investor desire to move money into cash.
The world's largest listed hedge-fund manager, Man Group PLC (EMG.LN), stoked fears of another industry meltdown Wednesday when it reported a net $2.6 billion was pulled from its funds between June 30 and Sept. 26 . It lost a further $1.5 billion from fund losses and $1.9 billion from the effect of a stronger U.S. dollar when accounting for euro- and Australian dollar-denominated funds. Its GLG unit, acquired last year, posted particularly large outflows.
Man Group shares fell as much as 25% in London.
The world's largest listed hedge-fund manager, Man Group PLC (EMG.LN), stoked fears of another industry meltdown Wednesday when it reported a net $2.6 billion was pulled from its funds between June 30 and Sept. 26 . It lost a further $1.5 billion from fund losses and $1.9 billion from the effect of a stronger U.S. dollar when accounting for euro- and Australian dollar-denominated funds. Its GLG unit, acquired last year, posted particularly large outflows.
Man Group shares fell as much as 25% in London.
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