As worries about U.S. housing-related write-downs and losses at major banks rattle world financial markets, a U.S. Federal Reserve official is warning that bank regulation reforms must be mindful of cost/benefit tradeoffs.
Shares of EchoStar Communications Corp. rose Monday after an analyst upgraded the stock to "Buy" on its valuation and speculation that AT&T Inc. will purchase the satellite television operator within a year.
Stocks slid further Monday as Wall Street absorbed a gloomy outlook for the banking sector and anticipated bleak news from the National Association of Homebuilders. The Standard & Poor's 500 index and the Dow Jones industrial average each lost more than 1 percent.
More than a third of American consumers said they will spend less this holiday season and cited rising energy costs as the main reason, according to a report released Monday.
Citigroup Inc.'s stock took another thumping Monday after Goldman Sachs estimated the bank will take as much as $15 billion in writedowns over the next two quarters and recommended selling the stock.
