Stocks may try to shake off losses Thursday, but spiking oil prices and a weak dollar could hold back efforts to rally.
Goldman Sachs Senior Investment Strategist Abby Joseph Cohen told CNBC Wednesday that she sees U.S. interest rates climbing, though not necessarily in the short term.
The dollar fell to a one-month low against the euro Wednesday and touched a one-week trough versus the yen after the Federal Reserve lowered its growth estimates for 2008.
The following is the text of the minutes from the Federal Open Market Committee's meeting of April 29 to 30, issued on Wednesday.
The Fed cut its economic growth forecast and warned of higher inflation and unemployment but signaled more rate cuts are unlikely. "If you had any doubt that the Fed is signaling a pause, that doubt is gone," said one economist.
More selling could be in store Wednesday as oil's wild ride higher threatens to again derail stock prices.
Bears had upper hand Tuesday, as oil hit new highs, not backing down; dollar rally evaporating; inflation trends clearer (core PPI stronger than expected).
The golden age of the railroad is back, says Gary Kaminsky. The Neuberger Berman managing director says "the rail story" is a key to America's economy now -- and he told CNBC which rail stocks his firm holds.
US interest rates seem to be at the right level to help the sputtering economy without sparking inflation, but policy-makers need to be ready to adjust quickly in the face of a highly uncertain outlook, Federal Reserve Vice Chairman Donald Kohn said Tuesday.
The annual World Economic Forum took place in Sharm El Sheikh, Egypt, focusing on the investment and growth opportunities in the Middle East.
The dollar fell Tuesday as U.S. inflation data added to concerns about the economy's strength and raised doubt about whether the Federal Reserve will be able to hike interest rates this year.
US inflation at the wholesale level rose slower than expected in April, but core inflation, which strips out volatile food and energy prices, rose twice as fast as expected.
The Oracle of Omaha is looking for European businesses with pre-tax profits of at least $75 million, but he says the bigger the better. The tour began in Frankfurt, continues in Lausanne, Switzerland Tuesday and rolls on to Madrid and Milan later in the week.
European shares were set to fall on Tuesday, snapping a four-session winning streak, tracking a mixed performance on Wall Street and weaker Asian stock markets as persistently high oil prices fuelled concerns about rising inflation.
Australia's central bank actively considered raising interest rates earlier this month as inflation was uncomfortably high, minutes of its May policy meeting showed on Tuesday, sending the Australian dollar to 24-year highs.
The Bank of Japan left interest rates unchanged at 0.5 percent on Tuesday, as expected, opting to take more time to determine when the fog will clear from the economy -- both in Japan and around the world.
The dollar rose on Monday, rebounding from a 2-1/2 week low against the euro as equities rallied and an economic forecasting gauge showed the U.S. economy, while weak, has so far managed to avoid recession.
A few Federal Reserve policy-makers have begun talking openly about the need to raise interest rates, but it appears more likely the U.S. central bank will stay on hold until early 2009.
World stocks rallied Monday amid signs investors were becoming more confident that the worst of the economic slump might be over.
The worst of the housing slump and the credit crunch might come to an end this year, economists say, but the economy will weaken further and unemployment will rise.