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U.S. government bond prices rose Thursday as investors shifted out of stocks and into less risky investments on ongoing fears constricted credit markets would dent corporate profits.
Falling real estate prices, massive bank write-downs and a quickening drumbeat of slashed credit ratings adds up to one thing: The credit crunch has only just begun.
The prepared speech given by Federal Reserve Chairman Ben Bernanke on the economic outlook before the Joint Economic Committee on November 8, 2007.
Fed Chairman Ben Bernanke said the U.S. economy faces risks in both growth and inflation, suggesting the Fed will holding off deciding on further rate cuts.
Som midday observations: 1) Despite being grilled on the weak dollar, higher inflation, and the subprime crises and what he is doing about it, Bernanke has said little new. He says that economic activity has remained "resilient" but that "financial market volatility and strains have persisted." He seems to want to keep all his options open for December.
Bank of England and European Central Bank both left rates unchanged which helped spark a modest rally in Europe and here. Mr. Trichet, head of the ECB, talked about inflation concerns but his inaction made him appear rather dovish.
Stocks are striking a much-improved tone after Wednesday's high energy selloff, as investors await testimony this morning from Fed Chairman Ben Bernanke. Monthly chain store sales and some big earnings could also influence direction.
Bernanke and the Fed helped contain the credit crunch last month, but the action in the market Wednesday suggests they didn't quite do the job. They'll get a chance to soothe the market Thursday, when Bernanke testifies before Congress. How do you trade?
Here's what the market faces tomorrow: 1) October retail same store sales. Weather got colder toward the end of the month; traders are primed for bad news as most of the big stocks are at 52-week lows. Any good news should move them up.
It's been less than a week since the Federal Reserve hinted it was done lowering interest rates. Yet Wall Street is already clamoring for yet another cut.
Fed Chairman Ben Bernanke may not have many soothing words for Wall Street when he testifies before Congress on Thursday.
Billionaire investor George Soros forecast on Monday that the U.S. economy is "on the verge of a very serious economic correction" after decades of overspending.
Stocks could be setting up for a bit of a bounce back but first investors need to decide just how radioactive the financial sector has become. Heading into the weekend, market rumors of lurking credit issues plagued bank and brokerage stocks.
Despite the late day 100 point move in the Dow, the day had a feeling of disappointment to it. Traders made it clear we were now data-dependent, and we got the kind of positive data we needed in the jobs report. The result? A rally that lasted 15 minutes at the open, and then traders sold into it.
After Thursday's huge selloff in the stock market, investors are now turning their attention to the October jobs report.
If the Fed isn't going to cut rates any more, that means bad news really is ... bad news. And with continuing concerns about the financial sector and oil prices, there is plenty of bad news.
The Federal Reserve pumped $41 billion into the U.S. financial system Thursday, one of its largest cash infusions to help companies get through a credit crunch that took a turn for the worse in August.
The mighty U.S. consumer may be starting to crack, just as the Federal Reserve signaled that it was through with interest rate cuts barring a sharper economic downturn.
The Federal Reserve, moving to head off the threat of a recession, cut two key interest rates by a quarter-point but signaled that it may be done easing rates for now.
The statement released by the Federal Open Market Committee after its October 30 & 31 meeting on interest rate policy.