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The announcement by UAW President Ron Gettlefinger that his union may make material changes to its contract to help the Big 3 is a big deal.
Stocks fell sharply Friday after the biggest monthly job loss in 34 years.
If you watched the Big 3 CEOs on Capitol Hill Thursday you probably came away with two impressions. First, the contrite tone of the CEOs makes it clear the auto makers know they have to try a more humbled approach.
The bailout-nation saga continued Thursday, as the Little Three carmakers from Detroit testified all day in front of the Senate Banking Committee. So far, the best thing I heard was from Sen. Robert Corker of Tennessee...
Stocks ended sharply lower Thursday amid anxiety over a fresh round of layoffs, dismal same-store sales numbers and the prospect of tomorrow's jobs report.
These will be decidedly unhappy holidays for hundreds of thousands of workers who won't have jobs thanks to the steep economic downturn and the financial crisis
The Big Three CEOs returned to Washington to meet with the Senate Banking Committee today, as AT&T and other companies reported job cuts. Following are today's top videos:
Will stocks stop dropping on bad news? Never mind the auto hearings, that is the No. 1 question on trading desks today. Stocks are down Thursday, but the relatively modest decline, the light volume, and the breadth is far less a response than one might expect given the poor news flow.
Lousy sales, weak earnings and more layoffs reigned over Thursday, with glum news from Nokia, Viacom, Merck, AT&T, DuPont, Credit Suisse and retailers across the board. European central banks enacted big rate cuts. And Fed Chairman Ben Bernanke urged more government efforts to stanch soaring home foreclosures. But CNBC heard from experts who say that while the news will get worse through 2009, markets will periodically rally — and one strategist sees the Dow at 12,000 in 2010.
Stocks opened lower Thursday amid a fresh round of layoffs and dismal same-store sales numbers, but soon turned mixed after an unexpected drop in jobless claims and better-than-expected factory-orders report.
The latest job cuts in the banking sector come amid an overall wave of layoffs across the United States as companies move to cut costs in the face of slackening demand and a general economic downturn.
Stocks overcame an array of dismal economic reports and rode hopes that the market may have achieved at least a temporary bottom to close higher Wednesday.
President-elect Barack Obama nominated Gov. Bill Richardson (D-NM) for commerce secretary Wednesday, the same day that United Auto Workers President Ron Gettelfinger announced the UAW would make huge concessions in order to help the Big 3 automakers nail government bailout funds. CNBC heard from experts who said the drop in gasoline prices bodes well for the first quarter and Ben Bernanke just may save us from a severe recession. (UPDATED)
Yesterday we learned that the windy city wants to lease its parking meters to a private company that would raise daytime hourly parking rates in downtown Chicago from $3 now to $6.50 by 2012. Sound exorbitant?
Chrysler's plan may be the most troubling, largely because it shows how much money the company needs right away. Chrysler wants $7 Billion by the end of the year. Chrysler's plan also talks about the "synergies" that would be derived from Chrysler being consolidated with another auto maker.
Stocks were set to give back some of their sharp gains from Tuesday's session but were off their morning lows after data showed a sharp increase in mortgage applications last week.
Stocks snapped back on Tuesday after global bellwether General Electric lifted investor optimism by pledging to leave its dividend intact.
U.S. light vehicle sales at General Motors and Chrysler plunged more than 40 percent in November, while Ford's sales dropped 31 percent, battered by an economic storm that has sent consumer demand for new vehicles to lows not seen in decades.
Stocks rallied Tuesday as investors scooped up bargains and were encouraged by news that General Electric will keep its dividend intact.
Stocks rose sharply Tuesday as investors scooped up beaten-down stocks after the prior session's selloff that saw the Dow give back 700 points.