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Crude prices fell 4.5 percent Wednesday on concerns that a big U.S.-led economic slowdown could further undermine global energy demand. The decline of $4.94 per barrel marked oil's biggest one-day drop in more than 17 years.
The dollar briefly reversed losses against the euro on Wednesday in volatile trading, drawing support from losses in gold futures.
Fed Chairman Ben Bernanke’s stock is at a 52-week high on Wall Street --- with the exception perhaps of Bear Stearns, which appears to be selling him short.
The overwhelming majority of homeowners are doing just fine. So how is it that a mess concentrated in one part of the mortgage business — subprime loans — has frozen the credit markets?
The Japanese central bank was placed in the hands of a temporary governor when Toshihiko Fukui retires in a few hours, after the latest candidate to replace him was rejected by the upper house of parliament.
Asian markets rallied on Wednesday as investors took a shine to the U.S. Federal Reserve's interest rate cut. Australia had a spectacular session, finishing 4% higher. Japan and South Korea both ended over 2% higher.
Two of the nine Bank of England policymakers opposed this month's decision to keep interest rates at 5.25 percent, preferring an immediate quarter-point cut to shore up the economy in the face of a global downturn.
Morgan Stanley shares shot up 18% Tuesday, so why care about the brokerage's earnings report Wednesday morning? Cmon, there's always something to worry about.
Today's statement is another in a series of very significant communications from the Fed. At the extreme, it could mean the Fed is done cutting rates, barring any more massive credit-market upheavals.
The dollar posted gains against the yen and the euro on Tuesday after the Federal Reserve slashed benchmark interest rates by 75 basis points.
The Federal Reserve announced a 75 basis point cut to its Fed Funds Target today, bringing the rate down to 2.25%, its lowest level since January 2005. The Fed has now cut the rate by 3.0% since it began easing in September of last year. How does 300 basis points over 180 days compare to past easing periods?
Oil trading on the Nymex closed above $109 Tuesday, after the Federal Reserve cut the fed funds rate by three-quarters of a point, or 75 basis points, to 2.25 percent.
Turmoil on Wall Street is pushing financial professionals to the therapist's couch, scaring them off power lunches and testing the mettle of small investors caught in the vortex.
That sound you hear around the nation's capital is the political class, chortling. They're amused (rather than outraged) by the spectacle of so many on Wall Street extended their hands, palms up, seeking financial help from Washington.
The size of the Fed’s expected rate cut today may help stimulate a sluggish economy. But it is unlikely to unfreeze the credit markets, especially the mortgage one.
The Federal Reserve slashed a key U.S. interest rate by three-quarters of a point, to 2.25%, but Wall Street didn't seem to care that the cut was smaller than many had expected.
Black gold and gold futures are significantly higher after yesterday's rout. Here's what the energy market seems to think will happen: The Fed will cut rates by 75 basis points (maybe even 100, a few think it could be 50). If the cut is as massive as some suspect, the dollar will weaken even further against the Euro and other currencies.
U.S. Treasury Secretary Henry Paulson said on Tuesday the U.S. economy had turned down sharply but declined to label the situation a recession.
Fed policy-makers are expected to make the biggest interest rate cut since 1982, while two major Wall Street firms provided some relief to investors with better-than-expected earnings.
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