Senate Majority Leader Harry Reid, D- Nev., on Wednesday praised the agreement as a step toward ending gridlock in Congress, but said he was disappointed it didn't include extension of federal jobless benefits. "Neither side got everything it wanted in these negotiations," Reid said on the Senate floor.» Read More
The economy continued to show further signs of weakness ahead of Friday's widely anticipated report on September job growth.
Stocks are striking a slightly positive tone as investors increasingly believe the credit crunch is being worked out. Tomorrow's jobs report for September remains a top focus. The U.S. dollar is barely changed against most currencies but slightly weaker against the euro and British pound after the European Central Bank and the Bank of England left rates unchanged this morning, as expected.
A bankruptcy judge on Wednesday gave Interstate Bakeries and its largest union 30 more days to either work out their differences or develop plans for the company's future, including a possible sale.
Stocks ended lower on Wednesday as strong manufacturing data released this morning offset broad declines in the tech sector. "From a technical perspective, seeing this kind of pullback is not bad, you want to see consolidation and see some base build," said Sean Brodrick, senior commodities analyst at MoneyandMarkets.com.
The U.S. private sector increased hiring at a moderate pace for a third straigth month in September, according to the ADP employment report released Wednesday.
Credit Suisse Group will cut 170 jobs in its investment banking division, or nearly 1% of the unit's employees. This comes after Morgan Stanley said it would restructure its residential mortgage business and cut about 600 employees .
Morgan Stanley said Tuesday it will restructure its residential mortgage business and cut about 600 employees in a move that "reflects current market conditions."
Pending sales of previously owned homes fell by a larger-than-expected 6.5% in August as more borrowers seeking home loans were turned away by cautious lenders, a real estate trade group said on Tuesday.
A fall in energy costs capped euro zone producer price growth in August despite a jump in non-durable goods, while unemployment stayed at record lows, data showed on Tuesday.
The United Auto Workers won guarantees in its tentative contract agreement with General Motors that many new products would be built at U.S. plants to save jobs, union President Ron Gettelfinger said Friday.
Recession talk is heating up as the slumping U.S. housing market threatens to shackle free-spending consumers, yet stocks remain near record highs, indicating that many investors see little cause for alarm.
Atlanta Federal Reserve Bank President Dennis Lockhart said on Friday that market turmoil could hit the U.S. economy and that a moderation in inflation gave the Fed room to cut interest rates last week.
Investment bank Goldman Sachs has slashed its forecasts for economic growth in the United States, Japan and Europe, joining numerous forecasters who are abruptly changing view since the start of a global credit crunch.
General Motors would be able to buy out as many as 24,000 UAW workers and replace them with lower-paid hires under a tentative contract agreement, the Wall Street Journal reported on its Web site on Friday.
Tight central bank monetary policies and well-grounded expectations of low inflation are to thank for low inflation in recent years, not globalization, Federal Reserve Governor Frederic Mishkin said on Thursday.
Japanese industrial production jumped in August and is seen rising further despite global market turmoil, while core consumer prices fell from a year earlier for the seventh straight month as expected.
The economy rebounded with a good head of steam in the spring before a credit crisis raised new fears about longer-term business health.
New orders for costly U.S.-manufactured goods dropped at the sharpest rate in seven months during August as demand fell across nearly every major category.
High energy prices, the housing slump and worries about a recession may not have as much impact on holiday sales.
As many as 100,000 Canadian workers could be laid off by the end of this week if the strike at General Motors' U.S. operations drags on, the head of the Canadian Auto Workers union said Monday.