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US stocks closed sharply lower Friday on an incessant stream of bad news in financials and technology that bled over into the rest of the market.
Oil ended above $96 Friday on winter fuel supply concerns, a tumbling U.S. dollar and big options positions betting oil could strike $100 next week.
With rapid fluctuations becoming commonplace in the major stock indexes, about the only thing there is to be certain of is uncertainty.
Of all the numbers in our NBC-WSJ poll, this one really stood out for me: among voters in the highest income group--those earning more than $100,000--they want a Democrat to win the White House next year by 48 percent to 41 percent.
Soaring global oil costs helped drive U.S. import prices up at the steepest rate in nearly 1-1/2 years during October, according to a Labor Department report on Friday that was likely to heighten concern about energy-driven inflation.
The dollar fell to one-and-a-half-year lows versus the yen Friday, as fears of wider credit-related losses at U.S. financial institutions had investors dumping risky assets and anticipating more Federal Reserve rate cuts.
1st pThe European Central Bank is ready to head off inflation risks, policymakers said on Friday, a day after leaving interest rates on hold for the fifth month in a row.
Euro zone economic growth will be slightly better than expected this year thanks to a robust third quarter, but financial market turbulence will slow it next year and in 2009, the European Commission said on Friday.
Asian markets closed mixed, with stocks under pressure as the U.S. dollar slumped to a record low against the euro in the afternoon session Friday. Japan shed over 1 percent but South Korea and Australia both finished higher.
Asian markets closed deep in the red Thursday as investors dumped financial shares on credit fears. Japan finished 2 percent lower and South Korea shed 3.1 percent.
Ben Bernanke’s latest assessment of the economy shows the Fed’s job of balancing inflation with a slowing economy is more difficult than ever, leaving policymakers undecided on further rate cuts.
Oil prices eased Thursday, as comments from the U.S. Federal Reserve chairman stirred concerns about the health of the top economy and dragged prices further away from the $100 milestone.
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.
The European Central Bank left rates unchanged as expected on Thursday, with analysts saying the doves in the governing council had the upper hand. The Bank of England also left the rates on hold, with analysts expecting it to ease monetary policy early next year.
The number of laid-off workers filing claims for unemployment benefits dropped last week to the lowest level in a month even though wildfires added to the unemployment rolls in California.
South Korea's central bank held its main interest rate steady at 5.0 percent for the third month in a row on Thursday, as widely expected, amid turbulent global markets and despite growing inflationary pressures.
Unemployment in Australia unexpectedly ticked up from 33-year lows in October but the number of full-time jobs increased by the biggest amount in 16 years, underlining the continued strength of the economy.
Japanese machinery orders rose in the July-September period and are forecast to keep going this quarter, supporting the growth outlook for the economy, but financial market turmoil looks set to keep a lid on interest rates for the next few months.