Standard & Poor’s partially suspended and fined £53m over “fraudulent misconduct” for mortgage-backed securities ratings January 21, 2015 Standard & Poor's has been fined nearly $80m (£53m) and suspended from rating certain kinds of mortgage-backed securities by the Securities and Exchange Commission to settle a case of “fraudulent misconduct”. In the first case of its kind, S&P has paid the SEC a $58m settlement. In addition it has paid out $19m to [...]
Standard & Poor’s cuts Tesco to junk January 14, 2015 Standard & Poor's (S&P) today downgraded Tesco to junk status, suggesting the ratings agency is unconvinced by the turnaround strategy unveiled by new chief executive Dave Lewis last week. The grocer's senior long-term credit rating was lowered to BB+ from BBB-. It is unlikely to go any lower than this however, with S&P saying the [...]
S&P 500 jumps the most in nearly two years December 18, 2014 The S&P 500 jumped the most in nearly two years posting gains of nearly two per cent, after the federal reserve's pledge for "patience" with future rate hikes sparked a global market rally. It surged 2.4 per cent to 2,061.23 which is it's best daily performance since January last year. The Dow Jones Industrial Average [...]
S&P closes at 46th new high for this year – New York Report November 24, 2014 The S&P 500 rose to a record high yesterday on hopes that China will take further accommodative monetary policy action if needed, while merger deals kept traders focused even as volumes were below average. It was the 46th time the S&P closed at record level this year. The Dow Jones industrial average rose 7.84 points, [...]
The S&P 500 just hit an all-time high for the 46th time this year November 24, 2014 The S&P 500 is in record breaking mood again. The index closed up 0.3 per cent on 2,069.41. This is the 46th time that the S&P has closed higher in 2014, breaking last year’s score of 45. It now has a remaining 26 days to beat another landmark: 1998’s tally of 47. Despite the bullish [...]
The S&P 500 just climbed faster than ever before November 21, 2014 Times are good in the US. The S&P 500 kicked the morning off by leaping 0.8 per cent to 2,068.86 – its biggest intra-day climb ever. Although it then dropped back slightly to 2,067.11, equity investors were clearly buoyed by something. Most likely, it's monetary easing in China, where interest rates were cut by 0.25 [...]
Twitter share price tanks after receiving junk bond rating from Standard & Poor’s November 13, 2014 Twitter’s share price dropped almost by almost six per cent today, after its bonds received a junk rating from Standard & Poor’s. The social media site’s bonds were slapped with a below investment level ‘BB-’ rating. Twitter issued $1.8bn worth of convertible notes in September. However, S&P said in a statement that Twitter [...]
It’s a hat trick: Standard & Poor’s downgrades Tesco October 24, 2014 Standard & Poor's became the final major credit ratings agency to downgrade Tesco today, when it lowered the supermarket's long-term rating from BBB to BBB-. S&P said the downgrade "reflects our view that Tesco's credit metrics will weaken due to lower profitability". It came after the supermarket, which last month admitted it had "overestimated" profits [...]
Dow falls over 400 points as S&P 500 goes into negative terriatory for the year October 15, 2014 Drops in US stocks have sent the S&P 500 into negative territory for the year, while the Dow dived over 400 points. At the time of writing the Dow had recovered from its 15,855 low to 15,595, still 2.02 per cent lower than at the open. The S&P 500 was down 2.1 per cent at pixel [...]
US earnings season: Citigroup and Wells Fargo to declare on Tuesday as S&P 500 suffers October 13, 2014 The S&P 500 is now six per cent lower than its 18 September peak as the markets ready themselves for earnings season. Monday is Columbus day; the calm before the storm, and no big names are declaring earnings. The week will soon hot up however, with Morgan Stanley, Goldman Sachs, Citigroup and JP Morgan chase [...]