Jobs, Housing Data Undermine Recovery Hopes
A top banking regulator tried to ease some concerns, saying banks and the housing sector had passed the worst part of their downturns.
"I think we're past the crisis stage. We're in the clean up stage now," Sheila Bair, chairman of the Federal Deposit Insurance Corp., said at a financial reform conference.
Bair said the FDIC was preparing a "test sale" of some troubled mortgage loans owned by banks probably in June to help guide the FDIC in developing a larger program that aims to buy toxic mortgages from banks as a way of boosting their ability to resume more normal lending.
On Wall Street, stocks ended higher on a volatile trading day with investors bouncing between worries about the worse-than-expected economic readings and stronger-than-expected earnings from Apple Inc., eBay Inc., PNC Financial Services Group Inc. and others. The Dow Jones industrial average added more than 70 points to 7,957.06.Finance officials from around the globe will hold three days of meetings in Washington starting Friday to review efforts to combat what the International Monetary Fund characterized this week as the most severe global economic slump since the Great Depression. The discussions will be a follow-up to a summit of leaders of the Group of 20 nations held in London on April 2.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV