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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.
Today is the second anniversary of the launch of CNBC.com. See how things have changed in just two short years.
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.
I'm not one to defend "Wall Street," but the senators at the auto hearing noting that we have given billions to the financial industry and have been giving the auto companies a hard time with their request for money are missing several important points:
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.
The Dow closed higher for the second consecutive day as investors flocked to shares of Coke and other companies that hold up well in recessions...
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?
At his news conference this morning, where he introduced New Mexico Gov. Bill Richardson as Commerce-secretary designate, President-elect Obama refused to play his hand on the Detroit/GM bailout story. That tells me he’s aware that the country is getting fed up with the thought of bailout nation.
The stock market was far off its morning lows, coming close to turning positive, as investors shook off a handful of weak economic reports and snapped up biotech shares and other defensive plays.
ExxonMobil is the largest stock in the S&P 500. Wal-Mart, the nearest competitor, is a little more than half that size. ExxonMobil has been notably outperforming the market recently. Since early September, Exxon has been up about 5 percent, while the S&P 500 has been down 30 percent.
The current problems facing the automotive industry are a result of consumer fear, not the Big Three U.S. automakers, according to John Bergstrom, CEO of Bergstrom Automotive, one of America’s most powerful car dealership groups.
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.
Take it from the traders who've been in the trenches this year, it's war out there!