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U.S. stocks declined, as concern grew that credit losses are worsening. Bank of America Corp., tumbled 13 percent as rising charge-offs for uncollectible loans overshadowed better-than-estimated earnings. Citigroup Inc. dropped after Goldman Sachs Group Inc. said the bank’s credit losses are growing at a “rapid rate.” Although Citigroup posted first-quarter net income of $1.6 billion last week, it suffered an “underlying” loss of 38 cents a share.

• General Growth Properties Inc., the second-biggest shopping mall owner, filed for Chapter 11 protection from creditors.
• JPMorgan, the largest U.S. bank by market value, posting a record of fixed-income trading revenue and saying it can repay U.S. rescue funds. JPMorgan climbed 2.3 percent.
• Americans filed claims for jobless benefits last week even as insured unemployment rose to the highest level in 26 years. Initial claims decreased by 53,000 to 610,000 in the week ended April 11.

Retail sales in the U.S. unexpectedly fell in March as soaring job losses forced consumers to save money. The 1.1 percent decrease followed a 0.3 percent gain in February. Auto dealers, electronics stores and restaurants led the decline. Less consumer spending heading into the second quarter means the recession is likely to persist.

According to Bloomberg, the Russell 2000 Index’s record one-month gain is sending danger signals to investors who remember how similar rallies in U.S. stocks came to an end.

When small-caps have outpaced larger stocks much, both indexes erased gains and fell, according to data compiled by Birinyi Associates Inc. This boosting investor concerns that the S&P 500’s 27 percent advance since March 9 will end the same way as the 24 percent rally that fizzled in January.

Steeper jumps for small-cap stocks one month into a rally are signs of indiscriminate buying and usually come before equities fall, said Cleve Rueckert, a Birinyi analyst. The Russell 2000’s 36 percent climb since March 9 is its steepest since the index began in 1979, according to Bloomberg data.

Asian stocks climbed for a third day as Japanese Prime Minister Taro Aso doubled stimulus spending and Chinese lending jumped by a record. Treasuries rose, following three weeks of losses. The yen fell against all of the other major currencies on speculation the global financial crisis is easing.

A money market account is a type of savings account which just like regular savings accounts. The difference is that they usually pay higher interest, have higher minimum balance requirements, and only allow three to six withdrawals per month. The money in a money market account is also insured by the Federal Deposit Insurance Corporation (FDIC). You usually have to maintain a certain balance in the account to receive the higher rate of interest.

One which I think have a good money market account is M&T Online Banking where you can apply online. M&T is great, because they don’t need minimum balance, no monthly fee, and not tied up for a specific length of time. That’s why it gives you the freedom to access your funds at any time any where. It currently offer 0.75% APY. “APY” or Annual Percentage Yield is the rate of return on an interest-bearing account for a one-year period based on the interest rate and frequency of compounding.

Don’t forget they are also insured by FDIC. Because this is an online account, at first I am a bit worry for it’s security. But looking at it’s FAQ, I learn that they uses 128-bit encryption for online security. They also maintain strict security standards and procedures to prevent unauthorized access to your information.

So I really recommend them because of their flexibility and higher rate than savings account.

Wells Fargo & Co., the second- biggest U.S. home lender, reported a record first-quarter profit that beat the most optimistic Wall Street estimates, sparking a rally in bank shares on speculation that the industry’s slump has ended.

Net income rose 50 percent to about $3 billion from $2 billion a year earlier. Profit of about 55 cents a share was more than double the average estimate of analysts surveyed by Bloomberg. The acquisition of Wachovia Corp., whose overdue home loans helped cut Wells Fargo’s stock price in half this year, is exceeding expectations, the statement said.

Sharp Corp., Japan’s largest maker of liquid-crystal-display televisions, slumped 6.1 percent after posting its first annual loss since listing on the Tokyo Stock Exchange in 1956. Sharp slumped to 813 yen after reporting a 130 billion yen ($1.3 billion) loss because of additional restructuring costs.