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Stocks bounced back after a two-day selloff as traders shrugged off a bigger job loss than expected. However, a larger-than-expected loss from General Motors clipped some of the Dow's gains as did the first press conference with President-Elect Barack Obama.
Stocks rebounded after a two-day selloff as traders shrugged off a bigger job loss than expected. The 240,000 drop in payrolls was a dismal indication of the economic situation but a lot of that was priced in during the selloff of the past two days, when the Dow lost 10 percent.
GM and Ford reported far deeper-than-expected quarterly losses as an extended slump in car sales raised questions about the future of the US auto industry
Ford Motor's need for government assistance will depend on how rapidly the economy decelerates, but the company is not in immediate need of immediate help, CEO Alan Mulally told CNBC.
Despite federal bailouts, the auto buying landscape has changed and may never return to what shoppers have come to expect in the last five years. If you need to buy a new vehicle now, here's what you can expect.
The nation's unemployment rate is at a 14-year high, General Motors reported a massive third-quarter loss and says it may run out of cash next year, and Ford is planning more job cuts after burning through billions of its own.
U.S. stock index futures briefly pared their gains after a report showed more jobs were lost in October than expected. Earlier, futures had bounced after the two-day selloff that followed the U.S. presidential election that saw the Dow log its worst two-day point drop on record.
When all was said and done, futures are relatively flat. The game plan for the past two days has been to short the market going into the jobs report, and if it was not dramatically worse to push a modest rally.
The latest overall job loss numbers showed a loss of 240,000 jobs in October and the unemployment rate climbed to 6.5%. This is the highest unemployment rate since March 1994. The September payroll numbers were revised to a loss of 284,000. Here is a breakdown of where the job losses were as well as which sectors were adding jobs.
The job losses in this downturn are hitting workers across all income levels and job categories, and the cuts are swifter and broader than in past recessions.
Following are the “Fast & Furious” trades - hot ways to play tomorrow's market moving events.
With the auto industry in crisis leaders of GM, Chrysler and Ford implored the government for help on Thursday.
So for the past two days the short-term trade has been: fade the market in anticipation of a nonfarm payrolls report below even the loss of 200,000 jobs expected, then go for a modest rally in the middle of the day Friday.
How much time does GM have? It's not going bankrupt this month or by the end of the year, but if it does not conserve its cash, and sales remain as depressed as they were in October, 2009 will be dicey.
We spend billions on highways, we already bailed out Chrysler once, and meanwhile Amtrak is constantly struggling to get funding. We should realize that in addition to being worse for the environment than mass transit, having everyone driving around in cars is dangerous period, drunk or sober.
Blogging about staff cuts is particularly prevalent in Silicon Valley, where companies feel pressure to break bad news on their own blogs so that they can better control the message.
Barack Obama's election victory comes with an albatross of a prize—an economy beset by a stubborn housing slump and the worst financial crisis in 70 years
Australia slashed interest rates Tuesday, presaging cuts expected in Europe later this week in the face of mounting evidence that the global financial crisis has already pushed much of the world into a damaging recession.
Stocks ended little changed on Monday with investors unwilling to place significant bets ahead of the presidential election.
Stocks were mixed Monday as investors digested a mixed bag of economic data and marched in place ahead of Tuesday's presidential election.