Wall Street Roundup: New bank lawsuits. Bank of America woes.
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Gold: Trading now at $1,878 an ounce, up 2.7% from Thursday. Dow Jones industrial average: Trading now at 11323.89, down 1.5% from Thursday.
No new jobs. A bad unemployment report is driving down stocks this morning.
New suits. The government appears to be preparing to file a lawsuit against a dozen big banks seeking to reclaim some of the losses from mortgage-backed securities that were sustained since the financial crisis.
Bank of America woes. The government has made an unusual request for Bank of America to show what it would do if its situation continues to worsen. Meanwhile, the bounce that the bank’s stock saw after Warren Buffett’s investment last week is now gone.
No Mr. Mets. Hedge fund magnate David Einhorn’s effort to buy a big stake in the New York Mets was called off Thursday after negotiations fell apart.
-- Nathaniel Popper