Bank of America gave yet another boost to financial market following less than catastrophic earnings results from the large money center banks last week. It says a lot about the market we're in when a stock can rally 10% on news that it will not need an FDIC bailout this week.

The good gains made in the resources sector today have not been enough to overcome losses made by the banks and the overall market in Australia has closed lower.

Secretary of Treasury Paulson sees more economic difficulties ahead and says IMF needs to find better ways to monitor financial markets.

There was a moderate rally on Wall Street overnight as oil prices retreated from record highs and the flow of corporate news was mostly positive.

The banking and financial sectors have dragged down the Australian share market, which closed lower for a third consecutive session.

Early gains have been all but erased on Wall Street at the start of the trading week.

Administrators say it might be years before investors who lost money in the stockbroking firm Opes Prime receive all their entitlements.

It has been an indecisive session overnight on American equity markets.

A recession warning from the head of the US Federal Reserve has seen yesterday's strong gains trimmed back on Wall Street.

Stock prices have roared ahead on Wall Street, with US investors thinking they can see light at the end of the credit crunch tunnel.

"Today, Secretary of the Treasury Hank Paulson has offered a balanced and thoughtful approach to modernizing our financial system. Secretary Paulson rightly recognizes that we can help mitigate future market turmoil with smarter regulation, but that we must resist the growing political pressure to rush headlong into ill-considered regulations that would stifle innovation, drive jobs overseas, and hurt America's economic health.

Hong Kong's benchmark stock index completed its biggest quarterly drop in more than six years on concern credit market losses will widen.