The Other Side of Life 24/7: Daily Investor Briefing: Wall Street ends slightly higher in...

Wednesday, August 29, 2012

Daily Investor Briefing: Wall Street ends slightly higher in...

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08/29/2012

Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between

Wall Street ends slightly higher in low volume

NEW YORK (Reuters) - Stocks edged higher on Wednesday, continuing a string of low-volume sessions as investors waited for a key speech by Federal Reserve Chairman Ben Bernanke on Friday.

Second-quarter growth revised up, Fed still seen in play

WASHINGTON (Reuters) - The economy fared slightly better than initially thought in the second quarter, but the pace of growth remained too slow to shut the door on further monetary easing from the Federal Reserve.

Citigroup settles shareholder CDO lawsuit for $590 million

NEW YORK (Reuters) - Citigroup Inc agreed to pay $590 million to settle a shareholder lawsuit accusing it of hiding tens of billions of dollars of toxic mortgage assets, one of the largest settlements stemming from the global financial crisis.

Banks renew push for Congress to extend insurance program

(Reuters) - Bank groups on Wednesday renewed a push to convince the Congress to extend a financial crisis-era deposit insurance program, arguing that businesses will withdraw funds if the program expires at the end of the year.

Exclusive: Boston Scientific prepares job cuts, split of heart units

CHICAGO (Reuters) - Boston Scientific Corp is preparing another round of job cuts and planning to break up its biggest business, cardiac devices, reversing some of the restructuring put in place by its former chief executive.

BofA lags in modifying loans under settlement

CHARLOTTE, N.C./WASHINGTON (Reuters) - Bank of America Corp is lagging other banks in meeting its requirements to reduce customers' mortgage balances under a $25 billion foreclosure settlement with the U.S. government, according to a report released on Wednesday.

JPMorgan's "London Whale" spooks mutual fund managers

NEW YORK (Reuters) - Mutual fund managers sold JPMorgan Chase shares after the London Whale fiasco, and by one measure had the lowest weighting of the stock in their portfolios in at least seven years, analysts at Bernstein Research said on Wednesday.

Barclays faces UK fraud probe on Qatar payments

LONDON (Reuters) - Britain's fraud prosecutors have launched a criminal probe into payments between Barclays and Qatar Holding, the British bank confirmed, adding to an ongoing regulatory investigation into dealings between the two parties.

Bank of America seeks end to lawsuit tied to AIG case

NEW YORK (Reuters) - Bank of America Corp is urging a federal court to throw out an unusual lawsuit by its shareholders accusing it of concealing a $10 billion fraud case brought by American International Group Inc .

J.C. Penney, PVH Corp CEOs upbeat on Penney shops, shares rise

(Reuters) - J.C. Penney Co Inc Chief Executive Ron Johnson said the retailer's new specialty shops within its stores would do well and bring in new customers, fueling optimism his turnaround plan may be taking hold.