Friday, November 21, 2008
Community Bank of Loganville, Ga., is 20th bank to fail this year
Community Bank of Loganville, Ga., is 20th bank to fail this year
11/21/2008 6:10:57 PM EDT
Markets Friday, 11/21/2008
| Dow : 8046.42 up 494.13 | S & P : 800.03 up 47.59 |
|NASDAQ: 1384.35 up 68.23 | Bond (10Y): 3.19%, 104.69
MARKETS:
Stocks surge on Treasury chief talk
Wall Streeters hail reports that Obama has chosen New York Fed
president Geithner for key economic job.
Stocks surge higher on word Geithner will head Treasury
U.S. stocks rally on report President-elect Barack Obama would
nominate Timothy Geithner to be the nation's Treasury secretary.
GEITHNER, CLINTON, RICHARDSON TAPPED FOR KEY OBAMA POSTS
Reaching out to veteran policy-makers in a troubled economic climate,
President-elect Barack Obama reportedly fills three critical posts for
his administration.
DEBATE OVER 'MARK-TO-MARKET' ACCOUNTING RAGES ON
The debate at the Securities and Exchange Commission over whether the
agency should maintain or change controversial "mark-to-market"
accounting regulations rages on.
FUTURES MOVERS: OIL ENDS SLIGHTLY HIGHER, BUT DROPS 13% ON THE WEEK
Oil futures end slightly higher Friday but post a weekly loss of 13%,
as analysts express doubt about whether oil prices can stage a
significant rebound in the face of slumping energy demand.
WAL-MART MAKES SURPRISE CEO APPOINTMENT
In a surprise move, No. 1 retailer Wal-Mart Stores names its top
international executive, Mike Duke, to succeed Lee Scott as president
and chief executive officer.
Wall Street ends dismal week with rally on reports that NY Fed chief Geithner is on tap for Treasury Secretary. Dow back above 8,000.
Wall Street ends dismal week with rally on reports that NY Fed chief
Geithner is on tap for Treasury Secretary. Dow back above 8,000.
Dow jumps 350 points on reports that NY Fed President Timothy Geithner is on tap for Treasury Secretary post.
Dow jumps 350 points on reports that NY Fed President Timothy Geithner
is on tap for Treasury Secretary post.
Oil settles at $49.93/barrel, up 51 cents as traders take a breather from this week's selloff.
Oil settles at $49.93/barrel, up 51 cents as traders take a breather
from this week's selloff.
Breaking News Fri., November 21, 2008
General Motors to Give Up Two Corporate Jets After Execs Were Blasted
on Capitol Hill [12:28 p.m. ET]
U.S. stocks struggle to retain gains as financials hit again
U.S. stocks struggle to retain gains as financials hit again
U.S. stocks on Friday returned to modest gains after a brief dip into
the red, with Citigroup's pummeled shares again bruising the financial
sector. CITI SKIDS; BOARD REPORTEDLY MULLS SALE OF ALL OR PART OF
COMPANY As its board of directors reportedly meet to consider a sale
of all or part of the company, shares of Citigroup continue to fall
prey to heavy selling.
FUTURES MOVERS: OIL FUTURES FALL IN VOLATILE TRADE ON DEMAND WORRIES
Oil futures fall in volatile trading, as U.S. stocks turn lower and
analysts express doubt whether oil prices can stage a significant
rebound in the face of
slumping energy demand.
WAL-MART MAKES SURPRISE CEO APPOINTMENT
In a surprise move, No. 1 retailer Wal-Mart Stores names its top
international executive, Mike Duke, to succeed Lee Scott as president
and chief executive officer.
AID FOR BIG THREE FALTERS IN CONGRESS
Democratic leaders of Congress say there's no deal yet on aid for the
Big Three U.S. automakers until the chief executives show them
concrete plans on how they would use the federal funds to turn their
companiese around.
Energy: Energy stocks gain back some of their losses
Natural gas stocks gained back a fraction of their steep 16% loss in
the previous session in early action on Friday.
Stocks surge at the open as Wall Street welcomes news that struggling bank Citigroup may be on the auction block.
Stocks surge at the open as Wall Street welcomes news that struggling
bank Citigroup may be on the auction block.
Energy: Oil futures rebound after sharp sell-off
Oil futures rebound Friday, rising for the first time in six sessions,
as sentiment is boosted by hopes that stimulus plans in Japan and
Europe will help revive the global economy.
National average price for unleaded gas falls below $2 a gallon, says AAA, down more than 50% from this summer's record.
National average price for unleaded gas falls below $2 a gallon, says
AAA, down more than 50% from this summer's record.
Thursday, November 20, 2008
Citigroup may auction parts of firm or sell company outright -- Wall Street Journal
Citigroup may auction parts of firm or sell company outright -- Wall
Street Journal
11/20/2008 8:26:19 PM EDT
Citigroup may auction parts of firm or sell company outright -- Wall Street Journal
Citigroup may auction parts of firm or sell company outright -- Wall
Street Journal
11/20/2008 8:26:19 PM EDT
Energy: Forward-thinking firms take lead on climate, energy challenges
Five major companies are stepping up and taking responsibility for
their actions instead of waiting for government intervention. In other
words, they are taking matters into their own hands rather than
seeking a helping hand as so many companies are doing today.
Energy: Gore says he won't have formal role in new administration
Former Vice President Al Gore said Thursday he would "not be taking a
formal role" in the administration of President-elect Barack Obama,
but that he has been in contact with Obama and would do whatever he
could to help him.
Tech : Market sell-off leaves tech stocks battered
Tech Stocks: Market sell-off leaves tech stocks battered
4:39 PM ET
Another bruising market sell-off pushes technology stocks deep into the red,
with the Nasdaq Composite Index down more than 11% over the past two trading
sessions.
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Autodesk posts profit gain, but outlook disappoints
4:42 PM ET
Design software maker Autodesk Inc. posts a profit gain for its fiscal third
quarter, but also delivers an outlook for the current period that falls short
of analysts' estimates.
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Analyst upgrades Yahoo, calling stock cheap
4:23 PM ET
Needham & Co. analyst Mark May upgrades shares of troubled Internet company
Yahoo Inc., after the shares skid below $10 for the first time in more than
five years.
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Dell earnings fall 5% as economy weighs on sales
4:20 PM ET
Dell Inc. reports a 5% drop in its fiscal third-quarter earnings as the
computer giant's sales also decline due to what company officials call "a
challenging demand environment," particularly during the month of October.
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IPO Report: Grand Canyon Education ends IPO drought, but shares stumble
4:08 PM ET
Grand Canyon Education prices the first U.S. initial public offering since
August, marking the end of the longest IPO drought in at least a decade, but
shares of the online provider of eductions services stumble in their trading
debut.
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Telecom Stocks: AT&T, Verizon, Qualcomm eke gains
3:18 PM ET
AT&T Inc., Verizon Communications Inc. and Qualcomm
Inc. bucked the downward trend in the U.S. market and scraped together small
gains in Thursday trades.
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GameStop sales miss estimates in third quarter
1:49 PM ET
GameStop Corp. reports a decline in third-quarter profit because of acquisition
charges, while sales for the period come in below Wall Street's expectations.
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Refugees from SAP unit raise Oracle's ire
1:46 PM ET
Oracle Corp. is turning its wrath on a small firm
that's snapped up refugees from a controversial SAP AG unit the software giant
alleges unfairly undercut its services business.
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Apple shares lose the 'iPhone premium'
12:48 PM ET
For nearly two years, since the introduction of the iPhone at the 2007 Macworld
show, Apple's stock had been on a tear that was impressive even for a company
that was used to being one of the top investments in the tech sector.
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PC weakness to pervade Dell's earnings report
1:40 AM ET
Dell Inc. is set to deliver its fiscal third-quarter results after the market
closes Thursday, and most analysts say that regardless of what the PC giant
reports, they are expecting a tepid outlook for 2009, due in part to
anticipated weakness in the computer market.
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Israel Stocks: Tel Aviv slumps; Israel Chemicals cut, VeriFone warns
10:16 AM ET
Israeli shares slumped Thursday, with only a small handful of the TA-100 stocks
flashing green, following declines across the globe.
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Judging by Macau, telecom may be spared fair amount of gloom
7:22 AM ET
What came clear during the three-day telecom conference in Macau was that the
gloom-and-doom atmosphere in several other industries -- financial services,
construction and automobiles, even information technology -- may not apply to
the telecom industry in equal measure.
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Mobile banking's prospects looking better in Asia
4:31 AM ET
Polillo, a remote island in the northeastern Philippines with poor road
infrastructure and no public transport, is set to get a taste of mobile banking
long before the developed world does.
-
Markets Thursday, 11/20/2008
| Dow : 7552.29 down 444.99 | S & P : 752.44 down 54.14
| NASDAQ: 1316.12 down 70.30 | Bond (10Y): 3.01%, 106.28
MARKETS:
S&P 500 sinks 6.7% to '97 low
Broad measure of the market closes at the lowest point in 11-1/2 years
in another brutal day on Wall Street.
Dell earnings fall 5% as economy weighs on sales
Dell earnings fall 5% as economy weighs on sales
Dell Inc. reports a 5% drop in its fiscal third-quarter earnings as the
computer giant's sales also decline due to what company officials call "a
challenging demand environment," particularly during the month of October.
AID FOR BIG THREE FALTERS IN CONGRESS
Democratic leaders of Congress say there's no deal yet on aid for the Big Three
U.S. automakers until the chief executives show them concrete plans on how they
would use the federal funds to turn their companiese around.
PAULSON DEFENDS HIS STEWARDSHIP OF BAILOUT
Treasury Secretary Henry Paulson on Thursday
offered a lengthy defense of Treasury's actions to date to combat the financial
market crisis and laid out the challenges that his successor will face.
FUTURES MOVERS: CRUDE ENDS AT LOWEST LEVEL SINCE MAY 2005
Crude-oil futures fall for a fifth session, slumping 7.5% to close at the
lowest level in more than three years, as global stocks tumble and economic
worries deepen.
SPECIAL REPORT: THE FUTURE OF FINANCIALS: LOWER PROFITS, INCREASED RULES
When the incoming administration of President-elect Barack Obama looks at the
financial services industry, there will be one thought above all others: to
make sure the sector survives.
Freddie, Fannie halt foreclosure sales, evictions of occupied homes Nov. 26 to Jan. 9
Freddie, Fannie halt foreclosure sales, evictions of occupied homes
Nov. 26 to Jan. 9
4:35:50 PM EDT
Oil settles at 3 1/2-year low, dropping $4 to $49.62/barrel as economic concerns continue to weigh on demand.
Oil settles at 3 1/2-year low, dropping $4 to $49.62/barrel as
economic concerns continue to weigh on demand.
No deal yet on bailout for U.S. automakers, Sen. Harry Reid says
No deal yet on bailout for U.S. automakers, Sen. Harry Reid says
11/20/2008 2:23:47 PM EDT
Dow drops 400 points to fall below 7,600 for first time since March 2003.
Dow drops 400 points to fall below 7,600 for first time since March 2003.
Senators reach tentative auto-loan compromise: reports
Senators reach tentative auto-loan compromise: reports
11/20/2008 12:39:49 PM EDT
Stocks recover after testing lows
Stocks recover after testing lows
U.S. stocks open sharply lower and then recover, with concerns about
the economy and the ailing financial and auto sectors leading the
market to fresh five-year lows.
FUTURES MOVERS: CORRECT: OIL DIVES BELOW $50 A BARREL AS STOCKS TUMBLE
Crude-oil futures fall for a fifth session, briefly slumping below $50
a barrel for the first time in nearly two years, as global stocks
tumble and economic worries deepen.
JOBLESS CLAIMS JUMP TO 16-YEAR HIGH OF 542,000
First-time filings for unemployment benefits hits the highest level
since July 1992, punctuating the struggling state of the U.S. labor
market, government data show.
THE FED: FOMC SEES YEARLONG RECESSION, MINUTES SHOW
Federal Reserve policymakers now expect the U.S. economy to contract
for as much as a year, with the risk that the slowdown could persist
for even longer, according to edited minutes of a closed-door meeting
of the Federal Open Market Committee.
METALS STOCKS: GOLD RISES ON SAFE-HAVEN BUYING AS CRUDE, STOCKS SLUMP
Gold futures rise on increased safe-haven buying as gloomy economic
news pushes stocks and crude-oil prices sharply lower.
Dow industrials down 200 points
Dow industrials down 200 points
10:10:44 AM EDT
Energy: Natural gas shares lead retreat; oil below $50, gasoline at $2
Energy stocks continued their slide on Thursday as oil fell below $50
a barrel for the first time in about four years and retail gasoline
prices fell within a whisker of $2 a gallon.
Stocks drop as Wall Street reacts to a huge jump in 1st time jobless claims and prince Alwaleed's decision to boost Citi stake to 5%.
Stocks drop as Wall Street reacts to a huge jump in 1st time jobless
claims and prince Alwaleed's decision to boost Citi stake to 5%.
Oil dips below $50 a barrel as global economic recession weakens demand.
Oil dips below $50 a barrel as global economic recession weakens demand.
U.S. reports number of people making first-time unemployment claims rose to 542,000 last week - highest level in 16 years.
U.S. reports number of people making first-time unemployment claims
rose to 542,000 last week - highest level in 16 years.
Last week's continuing jobless claims hit 4 million, U.S. data show; initial claims rise
Last week's continuing jobless claims hit 4 million, U.S. data show;
initial claims rise
8:31:47 AM EDT
Wednesday, November 19, 2008
Markets Wednesday, 11/19/2008
| Dow : 7997.28 down 427.47 | S & P : 806.58 down 52.54
| NASDAQ: 1386.42 down 96.85 | Bond (10Y): 3.33%, 103.50
MARKETS:
Dow plunges below 8,000 - 1st time since '03
Major indexes close sharply lower. Fears grow about economy and auto industry.
Citi shares in record slump, credit-default swap spreads widen
Citi shares in record slump, credit-default swap spreads widen
Citigroup's credit-default swap spreads widen and its shares fall after the
bank takes on more than $17 billion in assets from structured investment
vehicles and shuts another hedge fund.
THE FED: FOMC SEES YEARLONG RECESSION, MINUTES SHOW
Federal Reserve policymakers now expect the U.S. economy to contract for as
much as a year, with the risk that the slowdown could persist for even longer,
according to edited minutes of a closed-door meeting of the Federal Open Market
Committee.
COMMERCIAL MORTGAGE SECURITIES LATEST TO SHOW DISTRESS
Risk premiums on commercial mortgage-backed securities have spiked in the past
week, making this corner of the debt market the latest to show signs of
mounting distress.
Breaking News
At the final bell, the Dow drops below 8,000 for the first time since
2003 amid worries over the auto industry's future.
Oil drops 77 cents to settle at $53.62/barrel, near a 22-month low, after government report shows increased supply.
Oil drops 77 cents to settle at $53.62/barrel, near a 22-month low, after government report shows increased supply.
Energy: Fears rise that Ecuador may default on external debt
Fears increase over the possibility Ecuador may default on its
external debt, as an Ecaudorean audit commission identifies numerous
irregularities in the country's foreign debt and is likely to
recommend for the suspension of payments.
U.S. stocks slide amid downbeat economic data
U.S. stocks slide amid downbeat economic data
U.S. stocks fall after the biggest-ever drop in consumer prices and
another gloomy housing report offers little cheer to investors already
fretting about the fate of the Big Three automakers.
ECONOMIC REPORT: U.S. CONSUMER PRICES FALL BY THE MOST SINCE AT LEAST 1947
U.S. consumer prices plunged by the steepest amount since records were
tabulated in 1947, the Labor Department reported Wednesday.
ECONOMIC REPORT: HOUSING STARTS FALL TO RECORD-LOW LEVEL IN OCTOBER
U.S. home builders reduced their starts of new homes by 4.5% in October,
driving new construction to the lowest level since just after World
War II, the Commerce Department estimates.
BOEING JET DELIVERIES PUSHED OUT 10 WEEKS DUE TO STRIKE: REPORT
Boeing Co. has decided against ramping up its commercial aircraft
production schedule to make up for time lost when its machinists were
on an eight-week strike this fall, according to Wednesday's Wall
Street Journal, which cited people familiar with the situation.
U.S. consumer prices drop 1% in October; core retail-inflation rate also eases
U.S. consumer prices drop 1% in October; core retail-inflation rate also eases
8:31:59 AM EDT
Energy: Oil futures fall ahead of data on petroleum supplies
Oil futures fell early Wednesday, as traders awaited the latest data
on U.S. petroleum supplies due later in the session.
Stocks are mixed in the first moments of trade as Wall Street digests more disappointing economic news.
Stocks are mixed in the first moments of trade as Wall Street digests
more disappointing economic news.
In two signs of continuing economic contraction, the U.S. says inflation and housing starts plunged by record amounts.
In two signs of continuing economic contraction, the U.S. says
inflation and housing starts plunged by record amounts.
Tuesday, November 18, 2008
Markets Tuesday, 11/18/2008
|---------------------------------------------------------------------------|
| Dow : 8424.75 up 151.17 | S & P : 859.12 up 8.37 |
| NASDAQ: 1483.27 up 1.22 | Bond (10Y): 3.53%, 101.78 |
MARKETS:
Stocks fight back
Wall Street ends a volatile session with gains. HP's forecast and
Congressional hearings are in focus.
U.S. stocks fall, on track to close at five-year lows
U.S. stocks fall, on track to close at five-year lows
U.S. stocks slide into the red after a gauge of the home-building industry hits a new low.
ECONOMIC REPORT: HOME BUILDERS' MOOD SHOWS MORE ANGUISH THAN EVER
U.S. home builders have never been as anguished about their industry as they were in early November, with their monthly market index gauge plunging five points to a record low 9, the National Association of Home Builders reports.
BIG 3 AUTOMAKERS PLEAD BAILOUT CASE ON CAPITOL HILL
The chief executives of the Big 3 automakers press their case for a $25 billion bailout for their struggling industry, telling lawmakers that spending the money to help them would be cheaper than taking no action.
CORRECT: PAULSON, BAIR CLASH OVER AID TO TROUBLED HOMEOWNERS
A simmering closed-door debate between top government officials over the priorities of the government's financial market rescue package spills out into public.
STRONG RESULTS, OUTLOOK SEND H-P SHARES UP 14.5%
Shares climb 14.5% after the world's largest computer maker says its preliminary quarterly earnings would come in ahead of Wall Street's expectations due to its international customer base and broad lineup of technology products.
Oil settles at $54.39/barrel, down 56 cents, to a 21-month low on continued concerns about waning demand.
Oil settles at $54.39/barrel, down 56 cents, to a 21-month low on continued concerns about waning demand.
Wall Street ends choppy session with Dow and S&P 500 rebounding. Nasdaq edges lower as investors weigh uncertain economic future.
Wall Street ends choppy session with Dow and S&P 500 rebounding. Nasdaq edges lower as investors weigh uncertain economic future.
Energy: Credit crisis, low gas prices deflating renewable energy
While some hail the election of President Barack Obama as a boon for alternative energy down the road, the renewable sector remains stalled compared to the flurry of deal making earlier this year.
Energy: Supertanker's hijacking highlights piracy threat in Somalia
The brazen hijacking of a Saudi supertanker off the coast of Somalia could result in the disruption of international trade routes, but authorities have few options at their disposal to deal with a rising tide of piracy in the region, experts say.
U.S. stocks advance, bolstered by HP's outlook
U.S. stocks advance, bolstered by HP's outlook
U.S. stocks move higher as investors key on technology titan
Hewlett-Packard's surprisingly rosy profit picture as well as renewed
speculation about Internet bellwether Yahoo's fate.
PAULSON, BAIR CLASH OVER AID TO TROUBLED HOMEOWNERS
A simmering closed-door debate between top government officials over
the priorities of the government's financial market rescue package
spills out into
public.
H-P SHARES SURGE ON STRONG RESULTS, OUTLOOK
Shares of Hewlett-Packard rally after the tech giant says it would
beat Wall Street's targets for its fiscal fourth quarter and for 2009,
marking a rare move among big-cap names in the current economic
environment.
HOME DEPOT PROFIT DROPS LESS-THAN-FORECAST 31%
Home Depot reports a 31% drop in its fiscal third-quarter profit as
consumers curtail big-ticket and other discretionary spending, leading
the world's top home-improvement retailer to lower its sales
projection for the year but keep its profit outlook.
EX-AMERICAN AIRLINES CHIEF SAYS DOWNTURN CAN SAVE CARRIERS
A severe downturn could be just the opportunity the airline sector
needs to clean up its act once and for all, said Robert Crandall, the
former chief executive of AMR Corp.'s American Airlines and a veteran
of the industry, on Tuesday.
Home Depot reported 3Q sales of $17.8 billion - beating economists' expectations - but predicts sales will be down 8% for year.
Home Depot reported 3Q sales of $17.8 billion - beating economists'
expectations - but predicts sales will be down 8% for year.
Motorist association AAA says Thanksgiving weekend travel will decline for 1st time in 6 years.
Motorist association AAA says Thanksgiving weekend travel will decline
for 1st time in 6 years.
Hewlett-Packard shares gain as blue chip posts higher quarterly profit, revenue
Hewlett-Packard shares gain as blue chip posts higher quarterly profit, revenue
8:08:15 AM EDT
Energy: Petroleum producers lead gains in sector as crude futures rise
Energy stocks move up along with the broad market and oil futures, as
a drop in the producer price index provided a lift.
Energy: Oil futures trade near $55 a barrel
Oil futures traded near $55 a barrel early Tuesday, as concerns about
weakening energy demand amid a global economic slowdown continued to
dominate investor sentiment.
Foreclosures knock home prices lower, falling 9% in third quarter from same period last year, Realtors group reports.
Foreclosures knock home prices lower, falling 9% in third quarter from
same period last year, Realtors group reports.
Stocks get off to a rocky start as Wall Street reacts to more bleak economic news.
Stocks get off to a rocky start as Wall Street reacts to more bleak
economic news.
Monday, November 17, 2008
Yahoo says Yang stepping down as CEO, will remain on board
Yahoo says Yang stepping down as CEO, will remain on board
8:08:31 PM EDT
Markets Monday, 11/17/2008
| Dow : 8273.58 down 223.73 | S & P : 850.75 down 22.54 |
| NASDAQ: 1482.05 down 34.80 | Bond (10Y): 3.65%, 100.75
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MARKETS:
Dollar down despite G20 meeting
U.S. currency slides against euro, pound, but gains against Japanese yen.
U.S. stocks close lower as global economy weighs
U.S. stocks close lower as global economy weighs
U.S. stocks drop, extending a two-week losing streak, as Citigroup Inc.
announces it will slash 50,000 jobs and Japan slips into a recession,
heightening investors' worries about the depth of the global slowdown.
CITIGROUP PLANS 50,000 JOB CUTS IN LATEST JOLT TO WALL STREET
In the most dramatic round of layoffs seen to date in the battered U.S.
financial sector, Citigroup says that it plans to cut about 50,000 additional
jobs as part of an effort to help stem huge losses sparked by bad investments
and lending decisions.
MARK CUBAN CHARGED WITH INSIDER TRADING
High-profile billionaire Mark Cuban is charged with insider trading by the
Securities and Exchange Commission after allegedly selling shares of an
Internet search engine based on non-public information, sparing himself about
$750,000 in losses.
RESEARCH IN MOTION GETS BOUNCE AHEAD OF TOUCH-SCREEN LAUNCH
Shares of Research In Motion get a boost as one analyst reports strong sales of
the BlackBerry Bold ahead of the launch of the company's first touch-screen
device later this week.
TOP SIX GOLDMAN SACHS EXECS FORGOING 2008 BONUSES: WSJ
Pressured by an almost-unprecedented financial meltdown and a gathering outcry
over executive pay on Main Street, Goldman Sachs reportedly will pay no bonuses
in 2008 to its top management -- a move that may set the precedent across a
troubled Wall Street. Switzerland's UBS also takes steps to reform policies on
executive pay.
Wall Street closes down after choppy session. Dow drops more than 200 points as Citi job losses and tough economy weigh on stocks.
Wall Street closes down after choppy session. Dow drops more than 200
points as Citi job losses and tough economy weigh on stocks.
Citigroup plans 50,000 job cuts in latest jolt to Wall Street
Citigroup plans 50,000 job cuts in latest jolt to Wall Street
TARGET SUSPENDS BUYBACK AS PROFIT DROPS 24%
Target Corp. says its fiscal third-quarter profit drops 24%, hurt by
consumers paring back on discretionary spending and failing to make
their credit card payments.
TOP SIX GOLDMAN SACHS EXECS FORGOING 2008 BONUSES: WSJ
Pressured by an almost-unprecedented financial meltdown and a
gathering outcry over executive pay on Main Street, Goldman Sachs
reportedly will pay no bonuses in 2008 to its top management -- a move
that may set the precedent across a troubled Wall Street.
Switzerland's UBS also takes steps to reform policies on
executive pay.
ECONOMIC REPORT: ECONOMISTS MORE BEARISH ON ECONOMY, NABE SURVEY SHOWS
The U.S. is in for a "prolonged" recession dragging into 2009, and
joblessness may climb to a 7.5% rate, a full percentage point higher
than the current unemployment rate, the National Association for
Business Economics says.
ECONOMIC REPORT: INDUSTRIAL OUTPUT COMES BACK PART WAY FROM STORMS
Output of the nation's factories, mines and utilities partially
rebound in. October from September's sharp weather-related slump, the
Federal Reserve reports.
Stocks fall as Wall Street reacts to bleak news. Citigroup announces 50,000 job cuts, economists predict a long recession.
Stocks fall as Wall Street reacts to bleak news. Citigroup announces
50,000 job cuts, economists predict a long recession.
Retailer Target's third-quarter profit falls nearly 24%
Retailer Target's third-quarter profit falls nearly 24%
8:30:18 AM EDT
Financial services giant Citigroup says it will cut more than 50,000 jobs, slashing staff to 300,000.
Financial services giant Citigroup says it will cut more than 50,000
jobs, slashing staff to 300,000.
Sunday, November 16, 2008
Tokyo stocks pace Asia losses as data show Japan slides into recession
Tokyo stocks pace Asia losses as data show Japan slides into recession.
7:44:42 PM EDT
