The Federal Reserve move to hike the discount rate was not a surprise in itself, but timing was sooner than many investors expected and the after-hours move gave Wall Street a shudder.
The deficit is now in the crosshairs of Washington with the President today announcing the creation of a budget deficit taskforce. If you do the math, this year's deficit is expected to climb to 10.6% of GDP. That's a huge increase compared to last year's 9.9% figure, which marked the highest figure since World War II.
President Barack Obama's deficit-reduction committee will consider all options to reduce the government's ballooning deficit, including cutting spending in areas currently protected by the administration's formal budget proposal, and raising taxes for those earning less than $250,000, Peter Orszag, director of the White House's Office of Management and Budget told CNBC Thursday.
The Magical Stimulus Tour actually only continues today. It really began more than a year ago — leaving us an uninterrupted trail of magical promises and predictions along the way.
Weak corporate outlooks and discouraging economic data weighed on futures this morning. Weekly jobless claims also came in higher than expected, dampening hopes for better job growth in February. Meanwhile, the Dollar Index continues to climb on the heels of the hotter inflation number. It now sits at its highest levels since July.
The report that China is lightening its load of US treasury debt, open as it is to multiple interpretations, is the sort of thing that keeps markets interesting, writes the author.
In the aftermath of Scott Brown’s Senate win in Massachusetts, the new political gridlock in Washington could spell the end of the liberal crack-up that we have witnessed over the past year.
Hewlett-Packard's better-than-expected earnings and outlook could be a plus for stocks, which will also key off of Wal-Mart's earnings, inflation data and weekly jobless claims on Thursday.
Stable midday after a late-morning scare, when stocks dropped just as Europe was closing (11:30am ET). Here are the issues...
The euro is down a full percent today against the dollar, has now given up almost all that it gained yesterday; the dollar has done just the opposite. This volatility, of course, affects stocks and commodities and makes traders crazy. What's up today? Recall that there is all this talk about currency swaps that Goldman may or may not have done for Greece.
Scott Phillips had to close his small plumbing company after the housing bubble burst and his business dried up. Roshonda Bolton lost her job when the garment and uniform factory where she had worked for 16 years shut down last August.
One year ago, President Barack Obama signed the $787 billion stimulus bill. Has the bill helped the US economy and if so, how? Bill Smead, CEO and CIO of Smead Capital Management, shared his insights.
President Barack Obama claimed the $789 billion stimulus package headed off a second depression in remarks marking the bill's first anniversary of passage today.
Happy Anniversary! Well, sort of. Even for supporters of the American Recovery and Re-investment Act, the one-year anniversary of it being signed into law might not be a time for celebration -- at least not yet.
Senator Evan Bayh’s comments this week about a dysfunctional Congress reflected a complaint being directed at Washington with increasing frequency, and there is broad agreement among critics about Exhibit A: The unwillingness of the two parties to compromise to control a national debt that is rising to dangerous heights. The New York Times reports.
Imagine if, one year ago, Congress had passed a stimulus bill that really worked. The New York Times explains that's exactly what happened.
January housing starts, at 591,000, was above expectations of 580,000, and the highest since July 2009. The prior month was revised upward as well. Bullish on housing: BofA/Merrill Lynch initiating seven home builders with a "Buy" rating. Analyst Jonathan Ellis says, "we think a sustained recovery is now within a reasonable discounting period for the stocks." What about a bottom in home prices? And what happened to the correction?
Simon Property Group bid for General Growth: a BIG DEAL. How big? Too big to pass up. A once in a lifetime opportunity to buy high-quality assets.
While the Greek stock market is down 2.4 percent this morning, most of the rest of Europe is up fractionally. China, Hong Kong, Taiwan and Malaysia markets are closed due to the Chinese New Year, while Brazil is in the middle of Carnival. Barclays rose 11 percent pre-open, as it reported profits nearly double that of 2008. And Simon Property Group made a $10 billion offer to buy all of General Growth Properties.
Vice President Joe Biden says the White House is ready and willing to listen to health care ideas from Republicans. President Obama has invited members of both parties to the White House for a televised meeting on Feb. 25