Wall Street Roundup: Latest casualties. Municipalities safe.
This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.
Gold: Trading now at $1,773 per ounce, up 1.7% from Tuesday. Dow Jones industrial average: Trading now at 10837.36, down 3.6% from Tuesday.
Back down. Stocks headed back down after Tuesday’s rally, with attention shifting again to the European debt crisis.
Latest casualties. Bank of New York Mellon is the latest bank to cut staff with its announcement of 1,500 layoffs.
Municipalities safe. Standard & Poor’s wrote in a report last night that cities and states could keep their AAA ratings even after the federal government lost its AAA.
Maximum sentence. Prosecutors are asking a judge to send convicted insider trader Raj Rajaratnam to jail for the maximum sentence of nearly 25 years.
Rallying the troops. The CEOs at Citibank and Bank of America have tried to reassure their troops after shares in both companies have plunged.
New Goldman probe. The Securities and Exchange Commission is looking into Goldman Sachs’ dealings with the Libyan government, with particular attention to a $50-million fee Goldman agreed to pay.
-- Nathaniel Popper