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Stocks declined Thursday after Federal Reserve Chairman Ben Bernanke said bank failures are likely as the housing crisis takes its toll, and a pair of economic reports came in weaker than expected.
A Bay Area suburb grappling with declining revenue and ballooning employee expenses may become the first city in the state to declare bankruptcy.
Fed Chairman Bernanke said some small U.S. banks might go under during the current housing market problems, but the U.S. bank system overall remained solid.
The portion of U.S. junk bonds trading at distressed levels rose to 16.9 percent in February, up from 11.1 percent in January in a sign that defaults are headed higher, Standard & Poor's said on Wednesday.
Stocks opened lower open Thursday after reports on GDP and jobless claims.
Stocks jumped after Federal Reserve Chairman Ben Bernanke's testimony on Capitol Hill Wednesday.
Bernanke hinted at more rate cuts in his testimony to Congress, the dollar sunk to a new all-time low and Apple jumped higher after hours. Get the day's biggest stories right here.
Stocks finished mostly flat Wednesday as investors juggled encouraging news on the regulation of mortage lenders with another round of bleak news on housing and the economy.
Stocks fell back after rallying on renewed optimism about the struggling housing market.
Federal Reserve Chairman Ben Bernanke said the U.S. central bank will act as needed to ensure beleaguered housing and credit markets do not further undermine an already sluggish economy...
Fed Chairman Bernanke warned Congress that the nation is in for a period of sluggish business growth and sent a fresh signal that interest rates will again be lowered.
New orders for long-lasting US-made manufactured goods fell by 5.3 percent in January, the biggest drop in five months and more than analysts expected.
The text of Federal Reserve Chairman Ben Bernanke's testimony to the House Financial Services Committee on Febuary 27, 2008.
Housing's in the tank, banks are scared to lend, but oil is at $100 a barrel and inflation is threatening to pick up -- what's a central banker to do?
Ben Bernanke will face Congress Wednesday to deliver the Fed’s biannual economic report. But could the outlook be different now that inflation is flaring?
The full text of a prepared speech by Federal Reserve Vice Chairman Donald L. Kohn on The U.S. Economy and Monetary Policy given on February 26, 2008.
The U.S. Federal Reserve's credibility on inflation remains untarnished by its aggressive easing of monetary policy in the face of rising price pressures across many global commodity markets, a senior U.S. Treasury Department official said on Tuesday.
Contraction in U.S. Mid-Atlantic factory production accelerated in February as manufacturers pulled back in anticipation of an economic downturn, according to the Philadelphia Federal Reserve.
US inflation accelerated in January in a worrying sign for the Federal Reserve's campaign to bolster the flagging economy.
The Federal Reserve lowered its projection for economic growth this year, citing damage from the housing slump and credit crunch.