MARKETS
Fed auction is deemed positive though
MarketWatch Dec 19, 07 3:47 PM CST
(Newser)
-
The market ended slightly lower after another rollercoaster day, as S&P’s downgrade of major bond insurers took a toll on stocks otherwise buoyed by reports of a positive auction by the Fed. The Dow was off 25.20 to 13,207.27 on news Ambac Financial and MBIA would earn downgraded ratings. The Nasdaq climbed 4.98 points to 2,601.01, while the S&P slipped 1.98 to 1,453, MarketWatch reports.
More »
Unanimous vote marks historic shift toward regulation
Wall Street Journal Dec 18, 07 7:43 PM CST
(Newser)
-
Seeking to avoid another subprime meltown, the Federal Reserve cracked down on mortgage lending today by a unanimous 5-0 vote, the Wall Street Journal reports. If approved next year, the Fed proposals will require creditors to consider borrowers' financial and credit status, but will not prohibit prepayment penalties altogether, a move sought by some consumer groups.
More »
Proposals will rein in subprime lenders
Associated Press Dec 18, 07 8:49 AM CST
(Newser)
-
Stricter rules will face mortgage lenders if a Federal Reserve proposal unveiled today moves forward. The Fed wants to prohibit or limit prepayment penalties, force lenders to make sure borrowers set aside money for taxes and insurance, require lenders to verify income, and prohibit lenders from giving borrowers unaffordable loans, the AP reports.
More »
Former Fed chief
says US economy 'close to stall speed'
NPR Dec 14, 07 9:03 AM CST
(Newser)
-
Alan Greenspan warned yesterday that sluggish economic growth is increasing the risk of recession. "It's too soon to say, but the odds are clearly rising," the former Fed chief told NPR. The subprime crisis and its resulting credit turmoil has growth "getting close to stall speed," he said.
More »
Bloomberg Dec 13, 07 10:09 AM CST
(Newser)
-
November’s retail sales confounded doomsayers, surging 1.2%, twice the 0.6% analysts predicted, Bloomberg reports. Many had worried that consumer spending would take a hit as gas rose and housing fell, but now it looks like job and income growth could cushion the fall. “The numbers should help put to rest some of the fears of sliding into recession,” said one economist.
More »
MARKETS
Bad news and lingering doubts about yesterday's cut keep rally tame
Wall Street Journal Dec 12, 07 3:29 PM CST
(Newser)
-
Stocks gained slightly after the Fed's decision to join four other central banks in pumping cash into the global financial system. Following yesterday's plunge of nearly 300 points after the Fed cut interest rates by only a quarter-point, the Dow gained 41.13 to close at 13,473.90. The Nasdaq was up 18.79 to 2,671.14, while the S&P tacked on 8.95 to close at 1,486.60.
More »
Will lend $24B to European and other central banks, $40B in four auctions, to ease credit crisis
Bloomberg Dec 12, 07 10:02 AM CST
(Newser)
-
The Federal Reserve will inject some $64 billion into the global economy, fearing that the ongoing credit crunch could spark recession. In the most significant international economic cooperation since 9/11, the Fed will supply up to $24 billion to the ECB and other central banks to ease the money supply in Europe; meanwhile four auctions stateside will make available at least $40 billion to US markets, Bloomberg reports.
More »
MARKETS
Investors had hoped for half-point cut
Bloomberg Dec 11, 07 3:54 PM CST
(Newser)
-
Stocks plunged today after the Fed cut a key interest rate by only a quarter-point, Bloomberg reports. Investors who had hoped for a half-point fear the smaller cut won't do enough to stave off a recession. "They're thinking that the Fed doesn't get it," said a strategist. The Dow fell 294.26 to 13,432.77, the Nasdaq 66.6 to 2,652.35, and the S&P 500 38.31 to 1,477.65.
More »
Federal funds figure drops for 3rd month
Wall Street Journal Dec 11, 07 1:30 PM CST
(Newser)
-
The Federal Reserve cut two key interest rates at this afternoon's meeting, lopping a quarter-point off both the federal funds rate and the discount rate. The federal funds rate now stands at 4.25%, which represents a drop of 100 basis points over the past 3 months, the Wall Street Journal reports. The discount rate is now 4.75%.
More »
Nearly all in survey say Fed must take strong action, cut rates
Wall Street Journal Dec 11, 07 6:59 AM CST
(Newser)
-
Economists are painting a bleak picture of the US economy next year, with the housing mess, reduced job growth, and rising unemployment putting the likelihood of recession at its highest level in three years, the Wall Street Journal reports. Nearly all the economists surveyed by the paper said the Fed must take strong action to support recovery.
More »
MARKETS
Investors keep their eye on tomorrow's Fed actions
Wall Street Journal Dec 10, 07 3:56 PM CST
(Newser)
-
Stocks kept climbing today as investors held out for a nearly certain rate cut at tomorrow's Fed meeting. A positive housing report and mostly good news from financials also helped keep things bullish. "Everybody is paying attention to tomorrow's rate" cut, a trader told the Wall Street Journal. The Dow was up 101.45 to 13,727.03, the Nasdaq rose 12.79 to 2,718.95, and the S&P 500 climbed 11.3 to 1,515.96.
More »
MARKETS
Sunny economic stats and hope for a rate cut give stocks a boost
Wall Street Journal Dec 5, 07 3:32 PM CST
(Newser)
-
Stocks took off today in response to cheerful economic data and rising hopes for a Dec. 11 rate cut from the Fed. Government reports showed an increase in productivity and an unexpected jump in hiring, the Wall Street Journal reports. The Dow was up 196.23 to 13,444.96, the Nasdaq up 46.53 to 2,666.36, and the S&P up 22.22 to 1,485.01.
More »
MARKETS
JPMorgan says earnings will drop at big brokerages
Bloomberg Dec 4, 07 3:39 PM CST
(Newser)
-
Stocks fell again today after JPMorgan Chase predicted that profits would drop at big brokerages. Meanwhile, lower oil prices lowered earning prospects for energy companies, reports Bloomberg. "Until credit loosens up, you can't get a solid footing in the market," says a manager. The Dow was down 65.84 to 13,248.73, the Nasdaq 17.3 to 2,619.83, and the S&P 500 9.63 to 1,462.79.
More »
Lawmakers vow to tackle rate hikes, reform arcane fee system
Washington Post Dec 1, 07 7:44 PM CST
(Newser)
-
Dem lawmakers vow to finally rein in credit card companies after years of consumer complaints, the Washington Post reports. They want lenders to scrap random rate hikes and inscrutable fees, and plan to tackle it in a hearing next week; one rep has already drawn up legislation. But industry lobbyists are crying foul. “They’re getting oversight, and they don’t like it,” said one advocate.
More »