Beijing focuses on boosting infrastructure, social welfare
Associated Press Nov 9, 08 10:56 AM CST
(AP)
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China announced a $586 billion stimulus package today in its biggest move to stop the global financial crisis from hitting the world's fourth-largest economy. A statement on the government's website said China's Cabinet had approved a plan to invest the money in infrastructure and social welfare by the end of 2010.
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With Fed at 1% and European, Asian banks trimming, no-interest loans not far off, perhaps
Bloomberg Nov 7, 08 12:25 PM CST
(Newser)
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Interest rates around the world are falling, with no end in sight as central banks hack away at obstacles to lending and try to jump-start their economies, Bloomberg reports. With the US rate at 1%, the Bank of England yesterday cut its key figure to 3%, the lowest since 1955, and the European Central Bank cut its rate by half a point, to 3.25%.
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MARKET Open
Same-store sales weak in October
Wall Street Journal Nov 6, 08 8:51 AM CST
(Newser)
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Stocks took a modest slide at the open today, thanks to dismal data from retailers. The Dow fell 57 points, while the Nasdaq and S&P dropped 1.1% and 0.9% respectively, the Wall Street Journal reports. Most retailers, with the notable exception of Wal-Mart, posted bleak same-store sales for October, which, combined with Cisco slashing its current-quarter estimates, overshadowed any bump from European rate cuts.
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UPDATED
Grimmer-than-expected economic news pummels the global economy
Reuters Nov 6, 08 6:30 AM CST
(Newser)
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The Bank of England—under massive pressure to stem the red ink drowning the continent's economy—slashed its key lending rate by an unprecedented 150 basis points today, reports Reuters. The move, which set the rate at 3%, dwarfed the 75-point cut market watchers had anticipated. Moments later the European Central Bank announced its own cut of 50 points, bringing rates in the eurozone to 3.25%.
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Analysts predict Japan-style cuts in interest rates
New York Times Oct 30, 08 9:45 AM CDT
(Newser)
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Yesterday Ben Bernanke cut the federal funds rate to an ectomorphic 1%—but the Fed might not be done yet. More and more analysts are predicting that the central bank will have to cut rates all the way to zero if it wants to get the economy moving again. But don't get too excited, writes the New York Times : A 0% funds rate would apply only to interbank lending, and wouldn't mean free money for consumers.
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1% is lowest mark since 2004 as Bernanke tries to combat slowdown
Associated Press Oct 29, 08 1:29 PM CDT
(Newser)
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The Federal Reserve surprised no one today, cutting interest rates by half a point, to 1%—as investors widely predicted he would, AP reports. “The pace of economic activity appears to have slowed markedly, owing importantly to a decline in consumer expenditures,” the Fed said in a statement, with the financial crisis “likely to exert additional restraint on spending.”
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MARKET OPENING
But yesterday's gain hasn't evaporated yet
Wall Street Journal Oct 29, 08 8:55 AM CDT
(Newser)
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Stocks took a modest dip at the open today, as investors waited for a rate cut decision from the Federal Reserve. The Dow fell 53 points, while the S&P and Nasdaq crept down 0.9% and 1.1% respectively. Investors are expecting a half-point rate cut, bringing the fed funds rater down to 1%, and some believe an even bigger cut is coming, the Wall Street Journal reports.
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MARKETS
Bargain hunters spur big gains as markets jump late
Wall Street Journal Oct 28, 08 3:35 PM CDT
(Newser)
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Stocks zoomed past the 9,000 mark late in today's session as investors ignored a rock-bottom consumer-confidence rating, focusing on blue-chip gains and the likelihood of another rate cut by the Federal Reserve, the Wall Street Journal reports. The Dow shot up 889.35 to close at 9,065.12. The Nasdaq climbed 143.57, closing at 1,649.47, and the S&P 500 rose 91.59 to settle at 940.51.
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Seeking to loosen credit, central banks plan another round of cuts
Washington Post Oct 28, 08 10:30 AM CDT
(Newser)
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Central banks worldwide are slashing interest rates, attempting to stem the bleeding in financial markets as investors dump holdings, credit remains tight, and currencies spasm in value, the Washington Post reports. The Federal Reserve is set to cut rates for the second time in as many weeks tomorrow, while the EU plans to do the same next week. South Korea cut three-fourths of a point yesterday.
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MARKETS
Dow off 312, but bears show some restraint
MarketWatch Oct 24, 08 3:23 PM CDT
(Newser)
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US stocks declined today but stopped somewhat short of total free fall after global markets plunged close to 10%. With perhaps a buffer from news of a bump in existing US home sales, the Dow fell 312.30 to close at 8,378.95, MarketWatch reports. The Nasdaq dropped 51.88 to 1,552.03, while the S&P 500 fell 31.34 to settle at 876.77.
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MARKETS
Alcoa offers dismal earnings report to start third-quarter season
MarketWatch Oct 8, 08 3:24 PM CDT
(Newser)
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Stocks fell nearly 190 points in a volatile day, with investors showing mixed opinions on whether an unprecedented global rate cut by the Fed and foreign central banks would help the credit crisis. After swinging in a 433-point range, the Dow closed down 189.01 points at 9,258.10, MarketWatch reports. The Nasdaq lost 14.55 points, closing at 1,740.33, and the S&P 500 fell 11.29 points to 984.94.
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updated
Investors cheer/jeer/cheer the rate cut
Wall Street Journal Oct 8, 08 9:25 AM CDT
(Newser)
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Stocks had a volatile morning, dropping as much as 230 points after the bell before swinging upwards once more, the Wall Street Journal reports. The Dow was up about 39 points at midmorning, while the Nasdaq and S&P gained 0.7% and 0.8% respectively, as investors digested a dramatic international central bank rate cut. “The market reaction was one of almost apathy at the beginning,” said one strategist. “Markets are still confused.”
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US, EU, UK, others offer 50-point reduction to reverse diving markets
Bloomberg Oct 8, 08 7:04 AM CDT
(Newser)
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The Federal Reserve and five other central banks cut interest r