The Dow gains 21 points as traders start to see hope for the region's debt crisis and as Spanish bond yields fall. The S&P 500 nearly hits 1,400. Best Buy's founder wants to take the company private. Oil and gold are higher.
Former Citigroup CEO Sanford Weill says the big banks are too big and should be broken up. Weill was a pioneer in building the banks that have gotten 'too big to fail.' Wall Street is astonished.
Futures trading suggests a big rally Monday after Europe sends a strong signal of support for Spain's banks. But weakness in China and worries about Greece may limit stocks' gains. The week's big US report: Retail sales on Wednesday.
The disappointing jobs report and voter repudiation of austerity in France and Greece will make Monday tough. But a strong earnings report from Walt Disney may help markets regain their footing. Reports from Macy's and Nordstrom may help, too.
But US stocks rebound from early lows after Moody's says last week's eurozone summit solved nothing. Intel cuts its revenue outlook. Gold drops below $1,700. The Fed meets Tuesday.
The investigation centers on whether multiple trading rings reaped illegal profits totaling tens of millions of dollars. The FBI raids the offices of three hedge funds.
The agency is looking into wrongdoing at many institutions at the heart of the 2007-08 crisis.
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MONEY & POLITICS
Breaking up big banks is an untested solution to the too big to fail problem that attempts to isolate and dismantle large, troubled institutions while protecting the rest of the economy.
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The IRS is struggling to combat identify thieves who file fraudulent tax returns in the names of older residents who don't need to file.