Financial Market News

A trade association for the securities industry said on Thursday it is time to revamp how the hardware behind the trading halt in Nasdaq stocks in August is governed, a move that would likely reduce their control by the two leading U.S. stock exchange operators.

Small stocks have brought big joy this year, but they've been so generous that some mutual fund managers question how much they have left to give.

The Toronto stock market closed lower Thursday, pressured by the financial sector as the latest batch of bank earnings disappointed, giving traders an excuse to take some more profits from a sector that has delivered solid returns all year.

In this Thursday, Nov. 14, 2013, file photo, retired U.S. Navy Chief Jerome Porter, right, of Atlanta, talks with Joe Corsino, executive director of Welcome Home Resumes, during a job fair for veterans at the VFW Post 2681, in Marietta, Ga.

Aeropostale, Francesca's Holdings and The Wet Seal fell early Thursday after reporting lower income or issuing earnings forecasts that disappointed investors.

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In Europe, most markets were muted ahead of European Central Bank and Bank of England policy meetings.

The Dow and the S&P 500 finished lower for the fourth consecutive session on Wednesday after investors found few reasons to make big moves, with uncertainty remaining over when the Federal Reserve will start to slow its stimulus.

A survey of 200 registered investment advisors by Aberdeen Asset Management showed that 59% of RIAs think "clarity regarding the fund manager's investment philosophy and strategy is the most important attribute considered when recommending a mutual fund to a client."

Euro zone governments have set aside almost no money to make good on their promise to recapitalize ailing banks after a health check next year.

The stock market fell in early trading after a payroll company reported that U.S. businesses added the most jobs in a year last month as manufacturing and construction expanded.

Stocks recovered from losses at the open Wednesday and moved higher in late morning trading following a better-than expected report about the housing market.

Just a few years ago, Morgan Stanley lacked the expertise, infrastructure or desire to do a lot of lending, but today it is making a big push into loans to bridge a profit gap with rivals.

The yen rose against the dollar and the euro on Tuesday, rebounding from losses as falling stock markets worldwide prompted safe-haven demand for the Japanese currency.

Japan's Nikkei 225 fell 2 percent to 15,426.70, pulling back from Tuesday's rise and levels that were the index's highest in about six months.

Traders Luigi Muccitelli, left, and Greg Mulligan work on the floor of the New York Stock Exchange Tuesday, Dec. 3, 2013.

Biotechnology stocks were among the most sought-after initial public offerings this year, with 38 through mid-November.

Pressure on the TSX came from financials as Bank of Montreal declined about 3% to $71.36, a decline of $2.17.

Stocks headed lower Tuesday as investors continued to worry about the Federal Reserve winding down its economic stimulus program and weak consumer spending in the U.S. The Dow Jones industrial average lost 115 points, or 0.7 percent, to 15,894 as of noon Eastern.

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