Market News – JPMorgan Chase (NYSE:JPM), Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC), Goldman Sachs (NYSE:GS), Ford (NYSE:F), Alcoa (NYSE:AA)
Banks JPMorgan Chase (NYSE:JPM), Bank of America (NYSE:BAC), and Wells Fargo (NYSE:WFC) may have to put as much as $30 billion additional dollars to cover the costs of losses on home-equity loans. The amount, calculated by CreditSights Inc out of New York City, is approximately what the banks earned this last year in profits. Recognizing these home-equity loan losses is still unfinished business from the housing bubble, according to the company. – Jutia Group
The Euro had a prosperious rise today after it was announced that the European Union member Greece has been offered a $61 billon (45 billion Euros) aid package. Taking the hit on the bailout was Greek bonds, while the Euro has shot up the most it’s been in seven months when compared to the US dollar. The bailout package is a response to Greece’s debt ratio situation, which had gotten out of control. American investment firm Goldman Sachs (NYSE:GS) is under investigation for its alleged role in helping the Balkan state attempt to hide its debt ratio.
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The Dow has finally broken past the 11,000 mark for the first time since September of ‘08, and was up nearly 20 points at time of writing to 11,016. Ford Motor Company (NYSE:F) has helped lead the rise in stocks, as Wall Street has largely breathed a sigh of relief with the seeming resolution of the Greece debt situation. Ford is in the news in the southern hemisphere, as it’s being reported that the American automaker is expanding its investment in operations by $200 million. Ford Brazil is to start producing a new line of automobiles soon, the EcoSport SUV.
Finally, share prices for the aluminum company Alcoa (NYSE:AA) were up today. The company announced unexpected profits for the first quarter of 2010, despite a recent decline in aluminum prices. Prices of the metal, used in everything from soda cans to automobiles, has declined 35 percent from its record high in July of ’08.
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