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Stocks ended sharply lower Monday as Bank of America earnings and stress-test buzz dragged down financials. The Dow lost about 290 points, or 3.6 percent. The tech-heavy Nasdaq shed nearly 4 percent and the S&P 500 tumbled 4.1 percent.
Despite the fact that the press representative in Senator Dick Durbin's (D-IL) office tells me "negotiations are still underway," several outlets are reporting that the Senate version of the so-called bankruptcy "cramdown" bill is imminent. The house passed legislation in March allowing bankruptcy judges to modify home loans, with a couple of caveats, the main one being that the borrower had to have exhausted all possibilities for modification with his/her lender.
President Obama’s top economic advisers have determined that they can shore up the nation’s banking system without having to ask Congress for more money any time soon, according to administration officials.
President Obama’s top economic advisers have determined that they can shore up the nation’s banking system without having to ask Congress for more money any time soon, , the New York Times reported.
Stocks tumbled at the open Monday as investors braced for the next batch of corporate earnings. The Dow dropped more than 100 points, or 1.5 percent in the first few minutes of trading. The tech-heavy Nasdaq lost nearly 2 percent.
US stocks looked set to drop at the open Monday as investors braced for the next batch of corporate earnings.
As investors look for signs of an economic turnaround in corporate earnings and stock market performance, concerns still remain over the state of consumers and their willingness to spend as the recession grinds on.
Smaller cities across the country are ordering hybrid buses for the first time, while some of the bigger ones are adding to existing fleets, thanks partly to the government's stimulus package.
Investors with a short time horizon and low tolerance for risk may want to avoid the group, but the patient and the bold may well be rewarded over time.
With big companies like BP, Shell and Iberdrola scaling back investment in renewable energy, analysts say governments need to pick up the slack.
President Obama's speech this week about the economy may have given fresh impetus to a special class of business leader—those looking at the recession as an opportunity in which to strengthen their company.
Top executives of credit card companies will meet Obama administration officials next Thursday at the White House, as the industry faces the possibility of legislation aimed at curbing deceptive practices, sources familiar with the plans said.
Big news today for the banks: The White House and Treasury announced that the economic stress-test results for the 19 largest banks will in fact be made public on May 4.
The Obama administration will disclose details about its banking stress tests and what capital participants may need in a two-stage process beginning next week.
The Obama administration will disclose details about its banking stress tests and what capital participants may need beginning next week, CNBC has learned.
President Barack Obama is calling for the country to move swiftly to a system of high-speed rail travel, saying it will relieve congestion, help clean the air and save on energy.
The Dow advanced Wednesday, boosted by an encouraging "beige-book" report from the Federal Reserve, a better-than-expected manufacturing report from the New York Fed and as Procter & Gamble raised its dividend. Techs remained underwater as Intel's lack of guidance rattled the sector.
Protesters began gathering at state Capitols and in neighborhoods and town squares across the country Wednesday to kick off a series of tax-day protests designed to echo the rebellion of the Boston Tea Party.
It should come as no surprise to anyone, given that the banks, Fannie and Freddie and several states had foreclosure moratoria that recently expired. Everyone was waiting to see the Obama plan for troubled loans, and once the Making Homes Affordable plan was set in motion, the moratoria were mostly lifted. Of course it begs the question, how exactly are those Obamamods doing?
Despite signs that the recession is easing, the economy still has a long way to go before it recovers, well-known economist Martin Feldstein told CNBC in a live interview.