Banks, Stress Test | featured news

The Japanese stock market shot up after a three-day public holiday, catching up on this week’s global markets rally as investors took an upbeat view of the world’s economic prospects.

Bank of America needs $34 billion in extra cash, a source familiar with U.S. government stress tests on leading banks told Reuters, unsettling markets and stoking talk of a possible asset sale in China.

NEW YORK -- Caution returned to Wall Street today ahead of results of the government's stress tests of banks.

Preliminary results show that major firms need to strengthen their capital reserves, sources say.

The Federal Reserve and Treasury plan to release results of their tests assessing the health of the country's 19 largest banks next Thursday, later than previously planned.

So begins the tricky process of rolling out stress test results. The dance starts with a leak to the WSJ. Word is that the Federal Reserve has told Citigroup (C) and Bank of America (BAC) that they'll both need to raise billions more in order to be adequately capitalized. Neither is a huge surprise.