The markets picked up Tuesday. The Dow sprung up 196.97 points to 8,346.06, the
S&P 500 climbed 23.50 points to 839.50, and the
Nasdaq was up 34.51 points to 1,432.58.
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Banks are restructuring to shore up capital.
J.P. Morgan Chase & Co. announced it will eliminate about 9,200 jobs at Washington Mutual Inc. Goldman Sachs Group Inc. could face a
$2 billion loss for the fourth quarter. Meanwhile,
Bank of America Corp. CEO Kenneth Lewis predicts that the downturn in the U.S. economy will last
until the middle of 2009. Bank of America is reportedly trimming 10,000 employees in its merger with Merrill Lynch & Co.
- Maria Woehr
Troubled Wall Street
Prices at 10:30 am EST |
| Name |
Price at
open |
Price
at 10:30 am |
Change |
Mkt cap |
| J.P. Morgan Chase & Co. |
26.54 |
26.60 |
0.48 |
99.28B |
| Merrill Lynch & Co. |
10.63 |
11.16 |
1.03 |
17.85B |
| Goldman Sachs Group Inc. |
63.65 |
65.78 |
0.02 |
26.01B |
| Morgan Stanley |
11.51 |
12.03 |
0.68 |
12.77B |
| Citigroup Inc. |
6.92 |
6.99 |
0.54 |
38.09B |
| Fannie Mae |
0.92 |
0.94 |
0.10 |
1.01B |
| Freddie Mac |
0.9398 |
0.92 |
0.01 |
595.39M |
| Bank of America Corp. |
13.4 |
13.82 |
0.97 |
69.34B |
| Wachovia Corp. |
4.62 |
4.66 |
0.36 |
10.06B |
| Wells Fargo & Co. |
24.17 |
24.03 |
0.62 |
79.90B |
| American International Group Inc. |
1.79 |
1.82 |
0.17 |
4.89B |
| Sovereign Bancorp Inc. |
2.31 |
2.37 |
0.26 |
1.57B |
| National City Corp. |
1.7 |
1.71 |
0.11 |
3.48B |
| Fifth Third Bancorp |
8.27 |
8.44 |
0.34 |
4.87B |
| Capital One Financial Corp. |
27.2 |
28.40 |
1.27 |
11.12B |
| SunTrust Banks Inc. |
26.01 |
26.45 |
1.28 |
9.36B |
| U.S. Bancorp |
24.15 |
24.30 |
0.59 |
42.63B |
| Regions Financial Corp. |
8.85 |
9.01 |
0.54 |
6.23B |
| KeyCorp |
8.3 |
7.61 |
0.36 |
3.76B |
| PNC Financial Services |
44.38 |
45.00 |
0.73 |
15.66B |
| BB&T Corp. |
26.22 |
26.21 |
1.18 |
14.48B |
| Bank of New York Mellon Corp. |
25.82 |
27.09 |
1.24 |
31.08B |
| State Street Corp. |
35.88 |
35.98 |
0.55 |
15.54B |
Source: The Deal |
