MARKETS
Bad news doesn't halt rally; markets end week up
MarketWatch Nov 16, 07 3:44 PM CST
(Newser)
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The major indexes closed up today after erratic trading as bad news on industrial production and new negative forecasts failed to halt an end-of-week rally. The Dow gained 66.74 to 13,176.79, the Nasdaq climbed 18.73 to 2,637.24, and the S&P 500 closed at 1,458.74, up 7.59.
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Housing slump offsets energy rise to keep CPI down
Wall Street Journal Nov 15, 07 9:43 AM CST
(Newser)
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Consumer prices saw only modest gains last month, welcome news for inflation watchers with an eye on rising oil prices and a dropping dollar. The Consumer Price Index rose 0.3%, in lockstep with analysts' estimates. Core CPI, which excludes food and energy, rose 0.2%. Year-over-year, the increases were 3.5% and 2.2% respectively, with the latter just above the Fed’s presumed 1%-2% comfort zone, the Wall Street Journal reports.
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Extra reports to give investors clearer picture
Wall Street Journal Nov 14, 07 10:34 AM CST
(Newser)
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The Federal Reserve will issue more detailed reports twice as often, Ben Bernanke announced today. Starting next Tuesday, the Fed will release projections for inflation, GDP, and unemployment four times a year, accompanied by a “narrative” telling investors what the Fed is thinking. Bernanke also said he’d be looking at overall inflation from now on, not just the gas- and food-free core rate.
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Analysts attribute dip to slackening economy
Associated Press Nov 9, 07 2:16 AM CST
(Newser)
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Rates for 30-year fixed mortgages have slipped for the third week in a row. The dip to 6.24% is the lowest level since May. Mortgage rates have been falling across the board over the last week, which analysts attribute to the slackening economy. The drop follows the Fed's cut in interest rates last week—the second one in six weeks.
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Fed chief sees economy as 'resilient' but growth slow through this quarter
Wall Street Journal Nov 8, 07 9:58 AM CST
(Newser)
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Economic growth will slow "noticeably" through the end of the year and into 2008, Fed chief Ben Bernanke said in prepared testimony for a congressional panel today. Bernanke called the economy "resilient," but said the housing slump will intensify before it's over, the Wall Street Journal reports. He predicted that the sluggishness will persist several months into the year, as delinquencies on adjustable-rate mortgages continue to rise.
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Rate-cut concerns, and plain old bad news, hit Wall Street hard
Wall Street Journal Nov 1, 07 3:49 PM CDT
(Newser)
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Stocks turned sharply downward today—including a 362-point plunge by the Dow—on concerns over yesterday's Fed rate cut and bad news from Exxon Mobil and Citigroup. The cut led to "nervousness that there's another shoe to drop," a analyst told the Wall Street Journal . The Dow was down 362.14 to 13567.87, the Nasdaq off 64.29 to 2794.83, and the S&P fell 40.94 to 1508.44.
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Cash pump meant to keep markets moving
Associated Press Nov 1, 07 1:03 PM CDT
(Newser)
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The Federal Reserve followed up yesterday’s quarter-percent interest rate cut with a $41 billion cash injection into the US financial system today—one the biggest infusions of money yet, aimed directly at easing the credit crunch. The money was pumped into temporary reserves, where it's meant to lubricate turbulent markets and stave off a recession, the AP reports.
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Dow tumbles by more than 250 points in early trading
Wall Street Journal Nov 1, 07 10:54 AM CDT
(Newser)
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Stock fell sharply at the opening today, wiping out yesterday's rally spurred by the Fed's rate cut. The Dow was down by over 250 points in early trading, spurred by several bits of bad news, including an Exxon earnings plunge and a Citigroup downgrade. But the Wall Street Journal speculates that traders also had time to think about why the Fed thought a rate cut was needed. "The market's reflecting nervousness that there's another shoe to drop in the financial sector," says one trader.
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Exxon and Microsoft also lift the markets
Bloomberg Oct 31, 07 3:46 PM CDT
(Newser)
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Stocks rose today on the heels of the Fed's quarter-point cut of a key interest rate and good news about the GDP. "The Fed may be done here," a Boston strategist told Bloomberg. "We don't need them anymore, and the market is taking consolation in that." The Dow was up 137.54 to 13,930.01, the Nasdaq 42.41 to 2,859.12, and the S&P 18.36 to 1,549.38.
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GDP tops estimates on increased consumer spending
Associated Press Oct 31, 07 11:27 AM CDT
(Newser)
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The US economy grew at a brisk 3.9% pace in the third quarter despite the credit and housing turmoil buffeting Wall Street, according to Commerce Department figures released today. Overall construction spending was up—with record commercial and government spending offsetting the housing slide—while individuals increased spending 3% and employment held steady. “This is an extremely resilient economy,” one economist said.
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Journal looks back at Fed chairman described as more collaborative, creative than Greenspan
Wall Street Journal Oct 31, 07 11:05 AM CDT
(Newser)
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As the Fed rolls out another anxiously awaited decision on rate cuts, the Wall Street Journal does a play-by-play analysis of Ben Bernanke's handling of the three-month old credit crisis with an eye to what we've learned about the new Fed boss. For starters, he's more open and collaborative than his predecessor. "There's more of the economic seminar room, of exchanging views and thinking out loud," says a former adviser to both men.
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Consumer confidence report, Procter & Gamble forecasts are drags on markets
Wall Street Journal Oct 30, 07 3:51 PM CDT
(Newser)
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Stocks closed down today as confidence that the Fed will cut interest rates tomorrow faded. The Journal reported that policymakers are considering no cut at all, meaning borrowing costs may stay high. The Dow slipped 77.79 to 13,792.47, the S&P 500 was down 9.96 to 1,531.02, and the Nasdaq fell 0.73 to 2,816.71.
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Housing slump deepens, cranking up pressure on Fed
Bloomberg Oct 30, 07 1:10 PM CDT
(Newser)
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Consumer confidence plummeted in September to its lowest reading since October 2005, fueling worries that housing’s downturn could affect consumer spending, which makes up two-thirds of the economy. Home prices, meanwhile, suffered their biggest drop in at least 6 years. “There is really no positive news in today's report,” an economist told Bloomberg.
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And they're expecting it. Bernanke's hands tied as Fed meets today
Bloomberg Oct 30, 07 7:09 AM CDT
(Newser)
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Ben Bernanke and the rest of the Fed are meeting today to decide whether to cut interest rates again after September's surprise half-point reduction. Bernanke has made it clear that he'd rather not drop rates again. But, as Bloomberg writes, he might not have much of a choice: with home values falling and oil skyrocketing, the markets are desperate for—and counting on—some relief.
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