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need to know
Market turmoil caused by obscure strategy?
44 million tried Apple Music in its first month
When do markets close for Labor Day?
Amazon to buy video software company
ISM services index slows, but tops forecast
Jobless claims rise to two-month high
U.S. trade deficit shrinks 7.4% to $41.9 billion
L.L. Bean longtime CEO Leon Gorman dies
Treasury's Lew irked by China's FX move
Kentucky clerk jailed over marriage licenses

Oops — Rick Perry says broken clock right once a day

Six actors who were almost cast as James Bond

Sizeable outflow from China adds to fears

Ad war over oil exports heats up as vote nears

What it’s like to play tennis with a ‘smart’ racket

Tom Brady’s ‘Deflategate’ suspension overturned
The real Deflategate verdict? NFL’s in trouble

Immigration to Germany hits highest mark since 1992

Chaos at Budapest train station as migrants rush trains
Budapest and Europe face a migrant crisis
Syrian refugees reach Norway — via the Arctic
Father of drowned Syrian boy describes voyage

Gates: How we can avoid worst of climate change

Watch China’s    90-minute parade in 60 seconds
Xi talks peace, but China parade flexes power
China markets close for war anniversary

Blame Marissa Mayer for maternity-leave shrink

Karl Lagerfeld is coming to a store near you

These are the college majors that are dying

They tangled with student debt all summer
College help for low-income families

Investment risk has changed, so this must change too
Volatility is driving foreign buyers to Treasurys

The search for 1,000 angels to help women startups

43% of U.S. homes are at high risk of natural disaster

Why the U.K. Hugo Chavez will be good for its economy

Why India is worth a look if you’re cooling on China

Apple’s biggest challenge: Topping the iPhone 6
Apple set to join content contest
What to expect from the Apple event on Sept. 9
/conga/frontpage.html 354117

Markets »

109.73MDow Volume:
Avg Vol: 113.10M
Unchanged
224
Decliners
2653
Advancers
3709
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 16,375 +23 0.14%
Nasdaq
/quotes/zigman/12633936/realtime 4,733 -16 0.35%
S&P 500
/quotes/zigman/3870025/realtime 1,951 +2 0.12%
GlobalDow
/quotes/zigman/629063/realtime 2,322 -1 0.06%
Gold
/quotes/zigman/662444/delayed 1,124 0 0.03%
Oil
/quotes/zigman/2331095/delayed 46.57 -0.18 0.39%
FTSE 100
/quotes/zigman/3173262/delayed 6,194 +111 1.82%
DAX
/quotes/zigman/2380246/delayed 10,318 +270 2.68%
CAC 40
/quotes/zigman/3173214/delayed 4,654 +99 2.17%
FTSE MIB
/quotes/zigman/1482176/delayed 22,177 +565 2.62%
IBEX 35
/quotes/zigman/2759620/delayed 10,042 +104 1.05%
Stoxx 600
/quotes/zigman/2380150/delayed 362 +8 2.37%
Asia Dow
/quotes/zigman/6959860/realtime 2,692 -21 0.78%
Nikkei 225
/quotes/zigman/5986735/delayed 17,977 -206 1.13%
Hang Seng
/quotes/zigman/2622475/delayed 21,015 +80 0.38%
Shanghai
/quotes/zigman/1859015/delayed 3,160 -6 0.20%
Sensex
/quotes/zigman/1652085/delayed 25,765 +311 1.22%
Singapore
/quotes/zigman/1709939/delayed 2,875 -31 1.08%
Euro
/quotes/zigman/16008136/realtime/sampled 1.11 +0.00 0.02%
Yen
/quotes/zigman/16008150/realtime/sampled 119.61 -0.46 0.39%
Pound
/quotes/zigman/16008140/realtime/sampled 1.52 0.00 0.11%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.70 0.00 0.56%
DXY Index
/quotes/zigman/1652083/delayed 96.33 -0.07 0.07%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.82 +0.00 0.00%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.15 -0.01 0.53%
German 10y
/quotes/zigman/15866409/realtime 0.73 -0.06 7.14%
Italy 10yr
/quotes/zigman/15866497/realtime 1.92 -0.07 3.70%
Spain 10yr
/quotes/zigman/15866444/realtime 2.11 -0.04 1.85%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.80 -0.02 0.97%
Japan 10yr
/quotes/zigman/15866525/realtime 0.39 0.00 1.11%
Crude Oil
/quotes/zigman/2331095/delayed 47 0 0.39%
Gold
/quotes/zigman/662444/delayed 1,124 0 0.03%
Corn
/quotes/zigman/7599553/delayed 361 -1 0.14%
DJIA F
/quotes/zigman/38649152/delayed 16,270 -78 0.48%
S&P F
/quotes/zigman/30356461/delayed 1,938 -8 0.42%
Silver
/quotes/zigman/3134148/delayed 15 +0 0.39%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 88.15 -1.74 -1.94%
AAPL /quotes/zigman/68270/composite 110.37 -1.97 -1.75%
GOOG /quotes/zigman/30194416/composite 606.25 -8.09 -1.32%
BAC /quotes/zigman/190927/composite 15.94 0.09 0.57%
C /quotes/zigman/5065548/composite 51.79 0.04 0.08%
F /quotes/zigman/264304/composite 13.84 -0.03 -0.22%
T /quotes/zigman/398198/composite 33.04 0.22 0.67%
BP /quotes/zigman/247026/composite 32.41 0.21 0.65%
GE /quotes/zigman/227468/composite 24.51 -0.06 -0.24%
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Rates »

5 yr CD
1.5%
2 yr CD
0.8%
1 yr CD
0.6%
MMA $10K+
0.3%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

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Yes, the Libor Scandal Affects You

A liger is a cross between a lion and a tiger. Libor, on the other hand, is a daily approximation of what banks charge each other for loans.

It turns out only one of these things is real. Awkwardly, it’s not the one used to set prices on an estimated $800 trillion in global financial instruments, or $116,000 worth for each person on earth, ranging from complex derivatives to student loans. That’s a problem for holders of bank stocks – which includes just about anyone who owns a mutual fund or 401(k).

Barclays (BCS) agreed last week to pay $453 million to settle allegations that it manipulated Libor, which stands for London interbank offered rate. As The Wall Street Journal reported Thursday, it’s likely only the first: More than a dozen banks on three continents are under investigation.

Libor is compiled by asking up to 18 banks what they think they would pay if they needed money. Some banks may have submitted artificially low responses during the global financial crisis to give the appearance of high creditworthiness. Others may have tinkered with the reading to profit from trades, or avoid losses.

The Barclays settlement is affordable, at less than 7% of the company’s projected profits this year, but the size of legal claims it and other banks face is difficult to imagine. Trial lawyers will do their best to work out the sums, of course. Libor may have been subject to rigging for more than five years.

In Thursday trading, Bank of America (BAC) lost 3% of its stock market value, and JP Morgan (JPM), more than 4%. Investors are worried about more than possible legal claims.

The financial crisis, with its bank failures and taxpayer bailouts, led to regulatory attempts to rein in risky bank activities, even at the expense of profits. JP Morgan is now sorting through a massive trading loss–estimates range from $4 billion to $9 billion–that has raised calls for even stricter reforms.

Picture the public’s mood if the next round of losses stems, not from rogue trading gone bad, but from widespread dishonesty that pretty much had its desired effect.

Bank stocks already trade at a discount to offset some of their warts. The banking sector of the Standard & Poor’s 500-stock index sells for 12 times this year’s projected profit, versus 13 times for the broader index. The problem is that banks have gotten so complex that relying on those estimates takes deep faith.

Consider: Most analysts have trimmed their earnings estimates for banks of late, not because of the Libor scandal, but rather, because of weak investment banking trends. But on Thursday, Wells Fargo analysts boosted estimates on several big banks. Why? Because Moody’s slashed their credit ratings. See, lower bond ratings mean lower bond prices, which in turn mean that banks will record accounting gains for the hypothetical lower cost of buying back their debt.

Financials, which make up 14% of the S&P 500, have had a good year, all things considered. Before Thursday, ones in the S&P 500 were up 14% year-to-date, versus 9% for the broader index. Investors should now consider reducing their exposure to these stocks until more is known about possible liabilities connected with Libor.

For central bankers, rate-rigging may be part of the mission. For Wall Street bankers, it’s the clearest sign yet that the industry isn’t well.

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    • @Frank Shoster: Probably too little as banks were lowballing their own estimated cost of funds and borrowing.

    • One only has to read Griftopia by Matt Taibbi to understand how corrupt our financial systems are. The politicians of both parties have sold out America. The average American has no idea how much trouble we are in. The central bankers are fumbling everyday, Bernanke’s toolbox is empty

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MarketWatch - Stock Market Quotes, Business News, Financial News
Bulletin
Investor Alert

Tokyo Markets Close in:

need to know
Market turmoil caused by obscure strategy?
44 million tried Apple Music in its first month
When do markets close for Labor Day?
Amazon to buy video software company
ISM services index slows, but tops forecast
Jobless claims rise to two-month high
U.S. trade deficit shrinks 7.4% to $41.9 billion
L.L. Bean longtime CEO Leon Gorman dies
Treasury's Lew irked by China's FX move
Kentucky clerk jailed over marriage licenses

Oops — Rick Perry says broken clock right once a day

Six actors who were almost cast as James Bond

Sizeable outflow from China adds to fears

Ad war over oil exports heats up as vote nears

What it’s like to play tennis with a ‘smart’ racket

Tom Brady’s ‘Deflategate’ suspension overturned
The real Deflategate verdict? NFL’s in trouble

Immigration to Germany hits highest mark since 1992

Chaos at Budapest train station as migrants rush trains
Budapest and Europe face a migrant crisis
Syrian refugees reach Norway — via the Arctic
Father of drowned Syrian boy describes voyage

Gates: How we can avoid worst of climate change

Watch China’s    90-minute parade in 60 seconds
Xi talks peace, but China parade flexes power
China markets close for war anniversary

Blame Marissa Mayer for maternity-leave shrink

Karl Lagerfeld is coming to a store near you

These are the college majors that are dying

They tangled with student debt all summer
College help for low-income families

Investment risk has changed, so this must change too
Volatility is driving foreign buyers to Treasurys

The search for 1,000 angels to help women startups

43% of U.S. homes are at high risk of natural disaster

Why the U.K. Hugo Chavez will be good for its economy

Why India is worth a look if you’re cooling on China

Apple’s biggest challenge: Topping the iPhone 6
Apple set to join content contest
What to expect from the Apple event on Sept. 9
/conga/frontpage.html 354117

Markets »

109.73MDow Volume:
Avg Vol: 113.10M
Unchanged
224
Decliners
2653
Advancers
3709
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 16,375 +23 0.14%
Nasdaq
/quotes/zigman/12633936/realtime 4,733 -16 0.35%
S&P 500
/quotes/zigman/3870025/realtime 1,951 +2 0.12%
GlobalDow
/quotes/zigman/629063/realtime 2,322 -1 0.06%
Gold
/quotes/zigman/662444/delayed 1,124 0 0.04%
Oil
/quotes/zigman/2331095/delayed 46.57 -0.18 0.39%
FTSE 100
/quotes/zigman/3173262/delayed 6,194 +111 1.82%
DAX
/quotes/zigman/2380246/delayed 10,318 +270 2.68%
CAC 40
/quotes/zigman/3173214/delayed 4,654 +99 2.17%
FTSE MIB
/quotes/zigman/1482176/delayed 22,177 +565 2.62%
IBEX 35
/quotes/zigman/2759620/delayed 10,042 +104 1.05%
Stoxx 600
/quotes/zigman/2380150/delayed 362 +8 2.37%
Asia Dow
/quotes/zigman/6959860/realtime 2,691 -21 0.79%
Nikkei 225
/quotes/zigman/5986735/delayed 17,977 -206 1.13%
Hang Seng
/quotes/zigman/2622475/delayed 21,012 +77 0.37%
Shanghai
/quotes/zigman/1859015/delayed 3,160 -6 0.20%
Sensex
/quotes/zigman/1652085/delayed 25,765 +311 1.22%
Singapore
/quotes/zigman/1709939/delayed 2,877 -30 1.02%
Euro
/quotes/zigman/16008136/realtime/sampled 1.11 +0.00 0.02%
Yen
/quotes/zigman/16008150/realtime/sampled 119.61 -0.46 0.38%
Pound
/quotes/zigman/16008140/realtime/sampled 1.52 0.00 0.11%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.70 0.00 0.56%
DXY Index
/quotes/zigman/1652083/delayed 96.33 -0.07 0.08%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.81 0.00 0.00%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.15 -0.01 0.53%
German 10y
/quotes/zigman/15866409/realtime 0.73 -0.06 7.14%
Italy 10yr
/quotes/zigman/15866497/realtime 1.92 -0.07 3.70%
Spain 10yr
/quotes/zigman/15866444/realtime 2.11 -0.04 1.85%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.80 -0.02 0.97%
Japan 10yr
/quotes/zigman/15866525/realtime 0.39 0.00 1.11%
Crude Oil
/quotes/zigman/2331095/delayed 47 0 0.39%
Gold
/quotes/zigman/662444/delayed 1,124 0 0.04%
Corn
/quotes/zigman/7599553/delayed 361 -1 0.14%
DJIA F
/quotes/zigman/38649152/delayed 16,269 -79 0.48%
S&P F
/quotes/zigman/30356461/delayed 1,938 -8 0.43%
Silver
/quotes/zigman/3134148/delayed 15 +0 0.36%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 88.15 -1.74 -1.94%
AAPL /quotes/zigman/68270/composite 110.37 -1.97 -1.75%
GOOG /quotes/zigman/30194416/composite 606.25 -8.09 -1.32%
BAC /quotes/zigman/190927/composite 15.94 0.09 0.57%
C /quotes/zigman/5065548/composite 51.79 0.04 0.08%
F /quotes/zigman/264304/composite 13.84 -0.03 -0.22%
T /quotes/zigman/398198/composite 33.04 0.22 0.67%
BP /quotes/zigman/247026/composite 32.41 0.21 0.65%
GE /quotes/zigman/227468/composite 24.51 -0.06 -0.24%
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Rates »

5 yr CD
1.5%
2 yr CD
0.8%
1 yr CD
0.6%
MMA $10K+
0.3%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

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  • /quotes/zigman/7601800/composite JOY-14.60%
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