Fed ready to step in; Wall Street holds out hope for rate cuts
Bloomberg Aug 31, 07 1:07 PM CDT
(Newser)
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In his first comments on the subprime mortgage meltdown, Ben Bernanke today vowed the Federal Reserve “will act as needed” to contain the turmoil, preventing it from weakening the broader economy. The Fed chief pledged the central bank would “take additional actions” if necessary. “It is clear now the Fed is on the ball,” an economist said.
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Reforms will help families keep
their homes
Reuters Aug 31, 07 5:42 AM CDT
(Newser)
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President Bush will announce a rescue package for homeowners with subprime mortgages faced with foreclosure. The package will include a call for Congress to give the Federal Housing Administration more power to help borrowers keep their homes—and stricter enforcement of laws against predatory lending, Reuters reports.
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Wall Street awaits Bernanke's priorities in Friday address
Wall Street Journal Aug 30, 07 4:31 PM CDT
(Newser)
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Technology shares are still on the rebound, but the credit market continues to shake other stocks as traders await Ben Bernanke's speech on Friday. The tech-heavy NASDAQ gained 2.14 today, to close at 2565.30. But the Dow slipped 50.56 to 13238.73, and the S&P 500 fell 6.12 to 1457.64.
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Wall Street will be craining for clues on possible rate cut
Washington Post Aug 30, 07 5:02 AM CDT
(Newser)
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Tomorrow, Ben Bernanke will make his first speech since turmoil erupted in the world's financial markets early this month. As Wall Street listens for clues about whether interest rates will be cut next month, the Fed chief be walking a tightrope, the Washington Post observes. If he appears indifferent, panic could deepen; if he seems too anxious to stem losses, he'll encourage more irresponsible investing.
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But new figures don't fully reflect credit market's impact, analysts say
Bloomberg Aug 24, 07 11:21 AM CDT
(Newser)
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New-home sales grew 2.8% last month, delivering an unexpected bit of good news to investors still reeling from the credit crunch. But the housing market, which had been rebounding in recent months from a slump, will likely show renewed weakness after he mortgage crisis dust settles, Bloomberg reports.
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Traders watch, wait
as Fed weighs
interest rate cut
MarketWatch Aug 23, 07 4:33 PM CDT
(Newser)
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The Dow dipped a quarter-point to close at 13,235.88 today as investors continue to fret over the possibility of a Fed interest rate cut. The S&P 500 dropped 1.57 to 1,462.5, and the Nasdaq fell 11.10 to 2,541.70. Home Depot led the retreat; shares fell fell 2.2% on news that the sale of one of its divisions is in trouble.
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AARP voters concerned about their wallets, new poll shows
Politico Aug 23, 07 3:51 PM CDT
(Newser)
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A new poll of AARP members shows that financial security will be a big factor in how 90% will vote in early 2008 presidential primaries, the Politico reports. Though many of the 5,000 potential voters aren't familiar with candidates' positions on financial and health issues, one pollster says, more than half are willing to base decisions on the candidates' stances.
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Bid to encourage other banks to borrow to shore up credit markets
Wall Street Journal Aug 23, 07 5:12 AM CDT
(Newser)
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America's biggest banks—Citigroup, Bank of America, J.P.Morgan Chase and Wachovia— have borrowed a total of $2 billion from the Federal Reserve at the government's so-called discount window. It's an attempt to shore up the faltering credit markets by encouraging smaller banks to borrow from the Fed without stigma, the Wall Street Journal reports.
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Tight corporate borrowing could slow economy
Washington Post Aug 20, 07 3:36 AM CDT
(Newser)
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Ripples from the credit crisis have reached the corporate bond market—threatening to slow down the economy by seriously limiting the ability of major corporations to borrow money for new projects, the Washington Post reports. Credit problems have already begun to bite into the future plans of Hertz, Deere & Co. and Home Depot .
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Stocks see biggest jump in 5 years as panic
gives way to optimism
Bloomberg Aug 20, 07 1:00 AM CDT
(Newser)
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The global equities sell-off ground to a halt today as Asian stocks had their biggest gains in five years. Responding to Friday’s cut in the US Federal Reserve’s discount rate, Japan’s Nikkei 225, Hong Kong's Hang Seng and South Korea's Kospi indexes all saw huge gains as panic over the US subprime mortgage crisis largely subsided.
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Wall Street woes
might be spreading
to Main Street
Reuters Aug 17, 07 5:37 PM CDT
(Newser)
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Consumer confidence dropped dramatically in August, according to the latest index released by Reuters and the University of Michigan. The metric places consumer sentiment at 83.3, the lowest reading of the year, and well below the predicted 88.0. It may be a sign that chaos on Wall Street is affecting normal Americans, analysts say.
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