Eye on Banks, Stocks Sink Early

(NEWSER) - Stocks plummeted at today’s open after Standard & Poor’s warned it might downgrade the UK’s credit rating, the Wall Street Journal reports. The Dow tumbled 126 points, while the Nasdaq and S&P each fell more than 1%. Investors now fear other major economies, including the US, could face downgrades. Job data were mixed, with initial claims falling 12,000, but continuing claims climbing 75,000 to a record 6,662,000. More»

(NEWSER) - Stocks plunged at the open, as banks sold shares to raise capital, and consumer and commodity stocks took a pounding, the Wall Street Journal reports. The Dow was down 140, the Nasdaq down 1.8% and the S&P off 2.1. Oil producers were hit hard as crude fell blow $58 a barrel, while Bank of America and Morgan Stanley led financials south, falling 3% and 2% respectively. More»

Growth fits economists' predictions

(AP) - The economy grew slightly faster over the summer as Americans spent a little more freely: The GDP grew at a 2% rate during the third quarter, in line with what economists had forecast. It marks a slight improvement over last quarter, when the GDP grew at a 1.7% rate. Consumers helped boost last quarter's economic growth with 2.6% growth in spending, the biggest quarterly increase since the end of 2006, before the recession hit. More»

Markets continue 7th day of wild variations

(NEWSER) - Stocks seesawed today as good economic data on industry and the housing sector drove big early gains, which then fell victim to selloffs in the financial sector, the Wall Street Journal reports.

• The Dow climbed 76.71 points to close at 9,789.44.
• Nasdaq tacked on 4.09 to end at 2,049.20.
• The S&P gained 6.60 and wound up at 1,042.88.

Oil hits $71.2 a barrel, highest price in a month

(NEWSER) - Stocks rallied today on signs of a turnaround for US manufacturing, the Wall Street Journal reports. Oil rose $2.13, to $71.27 per barrel, its highest price in a month, and banks HSBC and Barclays reported strong quarterly earnings. The Dow closed up 114.95 to settle at 9,286.56. The Nasdaq added 30.11, settling at 2,008.61, and the S&P 500 rose 15.15 to close at 1,002.63. More»