The Dow Jones has topped 10,000 points for the first time since October 2008, marking an important step toward the end of the financial crisis, according to analysts.
Kenneth Lewis, the man at the helm of the largest US bank, who saw his establishment hobble to the brink of collapse, has said he will retire by Dec. 31, 2009, according to a statement by the bank.
On September 15, 2008, Lehman Brothers went bankrupt, victims of the subprime crisis and excessive risk-taking. Exactly one year after the scandal, former employees reflect on the fall and its consequences.
Stocks on Wall Street hit their highest levels of the year after a report published by the US Labor Department suggested the US economy may have seen the worst of the crisis, with the unemployment rate dropping slightly in July.
US stocks surged on Thursday, sending the Dow industrials above the key 9,000 mark for the first time since January, as strong corporate profits and rebounding home sales spurred optimism about the economy.
Goldman Sachs has just announced staggering profits for this last quarter, just six months after a government bailout, and seem to be continuing the same behavior that characterized the pre-financial crisis period. Have banks learned their lesson?
US bank JPMorgan Chase saw a 36 percent jump in quarterly profits, but warned that its credit card and loan losses could worsen. The banking giant is following the trend of Goldman Sachs earlier this week by beating market expectations.
Shares on Wall Street fell appreciably on Thursday following news that the US unemployment rate hit a 26-year high in June at 9.2%, dampening hopes of an early recovery from the economic crisis.
