Wall Street

Wild day on Wall Street

Stocks kicked off the new week closing to the downside as geopolitical tensions weighed on the markets.

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A Pier 1 Imports store in New York.

It’s Wall Street’s latest worry: The current state of the American consumer. Despite a blockbuster June employment report, buffeted by positive auto sales and same-store retail sales numbers, many investors and strategists worry that American consumers just don’t have the cash, or the willingness to spend it, that is required for the recovery to continue. …

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A trader works on the floor of the New York Stock Exchange.

At no other point in recent memory has speed in trading been more at the forefront of public discussion. The entire financial services community can thank noted author Michael Lewis for that. His “Flash Boys” book highlights the world of high-frequency trading and sets out a story line that has put computer-driven trading strategies under …

Deals, turmoil & data

Three big issues dominated trading on Wall Street today: a flurry of mergers and acquisitions, more violence and political turmoil in Iraq and also positive data on the economy ahead of the Federal Reserve meeting.

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JPMorgan Chase headquarters in New York.

JPMorgan Chase bankers may be facing a pay cut. Bank chief financial officer Marianne Lake said at an investor conference Wednesday that JPMorgan could cut compensation for investment banking employees if it continues to post lower revenue, according to The Wall Street Journal. Read More JPMorgan shareholders back directors, exec pay Lake also said there could be “too much …

Eric Cantor's coming exit from Congress means that Wall Street will lose a key ally on Capitol Hill.

Eric Cantor’s coming exit from Congress means that Wall Street will lose a key ally on Capitol Hill. Cantor, the second-ranking Republican in the House of Representatives, received significant support from financial firms and was known as a leading industry ally on related regulation. “The majority leader is someone the financial industry has always been …

Adam Jeffery | CNBC
The NYSE trading floor.

Mandating that stocks trade in set time intervals would negate some of the problems posed by high-frequency trading, according to an analysis gaining some traction. A trio of academics—University of Chicago professor Eric Budish, the University of Maryland’s Peter Cramton, and John Shim, a doctoral candidate at the Chicago Booth School—have proposed what is known …

New record highs

On Wall Street volume was low, but the major averages gained just enough for fresh records in the Dow and the S&P 500, kicking off a new month of trading.

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The Wharton School of Business at the University of Pennsylvania, Philadelphia, PA.

Want to make the big bucks at a hedge fund or another hotshot asset management firm? A diploma from University of Pennsylvania is your best bet as an undergraduate. If you’re getting an MBA, it’s University of Chicago’s Booth School of Business. And if you graduated in 2010 or later, Columbia University is the top …

Adam Jeffery | CNBC

Citigroup’s announcement that trading revenues could drop 20—25 percent this quarter from the comparable year-ago period echoes what JPMorgan said last week. It is also symptomatic of the problems confronting the Wall Street trading community. It’s pretty simple to understand. The sell side makes money when the market is in a clear trend (up or down) and when volatility (intraday …

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U.S. stocks fell sharply on Tuesday after a two-session rise, with the Fed’s Bank of Philadelphia President Charles Plosser saying the central bank might have to raise rates sooner than some would expect. “That would be a big concern, I don’t think the market believes that, we thought we were safe until 2015,” said Dave …

BTIG Charity Day

Some of the biggest names in sports and Hollywood made their way to Wall Street today as trading firm BTIG held its annual Charity Day. All of the day’s commissions are being donated to a bunch of worthy organizations. Bob Pisani was there as some big names chipped in and told us where the money …

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Will April showers bring May flowers in the stock market? Find out whether the professionals are predicting more volatility.

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The bickering billionaires apparently have kissed and made up. Bill Ackman and Carl Icahn, whose epic battle on CNBC in early 2013 stunned Wall Street, exchanged pleasantries on the phone last week and decided to forgive each other, The Wall Street Journal reports Tuesday. Ackman, head of Pershing Square Capital, called Icahn’s office to say he decided to “forgive …

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“People think you can just walk right in,” the bemused security guard said to his co-worker, who snickered, shook his head and returned to his outpost under the tented area outside the otherwise-regal entrance to the New York Stock Exchange. The dejected tourist walked away after learning that, no, there is no visitors’ gallery at …