Financials and energy lift Wall Street
NEW YORK (Reuters) - Stocks rose on Monday as investors snapped up shares of banks and insurers on hopes that a rescue plan for the financial sector would spare shareholders, while higher oil prices underpinned the energy sector. The market was anxiously awaiting the Obama administration's bank rescue plan, which Treasury Secretary Timothy Geithner is expected to unveil on Tuesday. The announcement was postponed from Monday to enable lawmakers to focus on the stimulus package, which remains bogged down in the Senate.
Madoff agrees to partial judgment
NEW YORK (Reuters) - Accused Wall Street swindler Bernard Madoff has agreed to a partial judgment in the civil case brought by the U.S. Securities and Exchange Commission without admitting or denying fraud charges, the regulator said on Monday. The SEC said the agreement by former Nasdaq stock exchange Chairman Madoff meant the amount of penalties and disgorgement would be decided at a later time, according to a statement posted on http://www.sec.gov/litigation/litreleases/2009/lr20889.htm
Bank shares rise on bailout hopes
NEW YORK (Reuters) - U.S. bank shares rose on Monday, boosted by hopes that a government bailout plan due on Tuesday will spare shareholders and help troubled financial institutions rid their balance sheets of toxic assets. The KBW Banks Index was up 2.57 percent. Shares of Bank of America Corp , the largest U.S. bank by assets, soared 12.7 percent to $6.91 in morning trading on the New York Stock Exchange after falling in recent days to their lowest level in 25 years. Citigroup Inc , the third-largest U.S. bank, was up 4.1 percent to $4.07.
Whirlpool shares tumble on profit fall
ATLANTA (Reuters) - Whirlpool Corp reported a 76 percent drop in quarterly profit as sales crumbled worldwide, and the world's biggest appliance maker said earnings would fall further in 2009, sending its shares down more than 9 percent. The maker of Maytag and KitchenAid appliances also posted an operating loss in North America, its largest market, and said on Monday that it was talking to its banks to ask for additional flexibility in its capital structure.
Nissan to slash 20,000 jobs
TOKYO (Reuters) - Nissan Motor Co said it would cut 20,000 jobs and joined a growing list of automakers warning of red ink this year in what would mark its first loss since Chief Executive Carlos Ghosn took the reins a decade ago. The spreading global recession has put consumers off buying expensive goods and even if they wanted to purchase a car, financing has become difficult due to a dearth of credit.
Oil rises towards $42 after OPEC supply pledge
NEW YORK (Reuters) - Oil climbed toward $42 a barrel on Monday after OPEC said it was willing to cut oil output further if needed to stabilize oil prices. The market also drew support from optimism that the administration of U.S. President Barack Obama would secure Congressional passage this week for a giant U.S. economic stimulus package.