Federal Reserve

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Wall Street Up, Up, and Away for Holiday Weekend

Investors thank Bush, Bernanke for gains

(Newser) - On the eve of the holiday weekend, the major markets jumped today, riding encouraging comments by President Bush and Ben Bernanke to broad advances that pushed their monthly gains above 1%. The Dow, which saw 28 of 30 stocks rise, finished up 119.01 points, closing at 13,357.74....

Bernanke Vows to Combat Mortgage Mess

Fed ready to step in; Wall Street holds out hope for rate cuts

(Newser) - 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...

Bush to Unveil Bailout Plan in Mortgage Crisis

Reforms will help families keep their homes

(Newser) - 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.

Stocks Shake Before Fed Speech
Stocks Shake Before Fed Speech
Aug 30, 2007 4:31 PM CDT

Stocks Shake Before Fed Speech

Wall Street awaits Bernanke's priorities in Friday address

(Newser) - 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...

Fed Chief to Address Market Uproar
Fed Chief to Address
Market Uproar
Aug 30, 2007 5:02 AM CDT

Fed Chief to Address Market Uproar

Wall Street will be craining for clues on possible rate cut

(Newser) - 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...

New-Home Sales Grow, Spur Wall St.
New-Home Sales Grow, Spur Wall St.
Aug 24, 2007 11:21 AM CDT

New-Home Sales Grow, Spur Wall St.

But new figures don't fully reflect credit market's impact, analysts say

(Newser) - 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.

Stocks Stall Amid Continued Anxiety
Stocks Stall Amid Continued Anxiety
Aug 23, 2007 4:33 PM CDT

Stocks Stall Amid Continued Anxiety

Traders watch, wait as Fed weighs interest rate cut

(Newser) - 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...

Financial Woes Crucial Issue in '08 Election

AARP voters concerned about their wallets, new poll shows

(Newser) - 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...

Top Banks Borrow $2B From Fed
Top Banks Borrow $2B From Fed
Aug 23, 2007 5:12 AM CDT

Top Banks Borrow $2B From Fed

Bid to encourage other banks to borrow to shore up credit markets

(Newser) - 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...

Credit Crunch Hits Bond Market
Credit Crunch Hits Bond Market
Aug 20, 2007 3:36 AM CDT

Credit Crunch Hits Bond Market

Tight corporate borrowing could slow economy

(Newser) - 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, ...

Asian Markets Soar After Fed's Rate Cut

Stocks see biggest jump in 5 years as panic gives way to optimism

(Newser) - 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...

Consumer Confidence Plummets
Consumer Confidence Plummets
Aug 17, 2007 5:37 PM CDT

Consumer Confidence Plummets

Wall Street woes might be spreading to Main Street

(Newser) - 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...

Fed's Cut Flips Markets Upwards
Fed's Cut
Flips Markets Upwards
Aug 17, 2007 4:46 PM CDT

Fed's Cut Flips Markets Upwards

But credit debacle undergirds even gains, analysts warn

(Newser) - Markets surged upwards today after the Fed cut its discount rate, thanks to a flurry of short-covering aided by today's options expiration. The Dow was up for the first time in over a week, jumping 233.30 to close at 13079.08. But many experts warn that the rally could...

Markets Jump on Fed Move
Markets Jump on Fed Move
Aug 17, 2007 10:04 AM CDT

Markets Jump on Fed Move

(Newser) - Stocks rallied in early trading today after the Federal Reserve shaved a half-point off of one of its key interest rates, the Wall Street Journal reports. The Dow initially shot up more than 300 points; after settling some, it was up 150.46 by midmorning. European stocks were buoyed as...

Fed Shaves Half- Point Off Discount Rate

Surprise cut boosts futures trading and Euro markets

(Newser) - In a surprise move, the Fed cut its discount rate, which it charges on direct loans to banks, from 6.25% to 5.75% this morning. The central bank acted to calm fears about uncertainty in the global markets surrounding the worsening credit crunch and underlying subprime-loan crisis. The federal...

Market Opens Sharply Down
Market Opens Sharply Down
Aug 16, 2007 10:18 AM CDT

Market Opens Sharply Down

(Newser) - US stocks dipped this morning, following steep declines in Europe and Asia as distress over the expanding credit crisis heightened. The Dow Jones sank over 100 points this morning, and the S&P was off nearly 0.8% after erasing its entire year's gains yesterday. "Everyone is waiting for...

Stocks Drop, Market Awaits Fed Cuts
Stocks Drop, Market Awaits Fed Cuts
Aug 15, 2007 4:18 PM CDT

Stocks Drop, Market Awaits Fed Cuts

Dow sinks below 13,000 as credit tremors continue

(Newser) - Major indexes sank again after a volatile day, as analysts continue to speculate on a possible interest-rate cut. The New York Fed put about $7 billion into the system with an overnight repurchase agreement, which put an early bounce in the Dow before it lost 167.45 later in the...

Inflation Softened in July
Inflation Softened in July
Aug 15, 2007 9:52 AM CDT

Inflation Softened in July

Housing slump, fuel prices weaken spending

(Newser) - Consumer prices in the US in July rose at the slowest rate in eight months. The housing slump—and fuel costs—have weakened consumer spending considerably, forcing retailers to slash prices, Bloomberg reports.  Prices rose only rose 0.1% in July, as predicted by analysts. Yields of U.S....

Inflation Eases, Trade Deficit Narrows

New data is mostly positive, and unlikely to influence interest rates

(Newser) - With the exception of energy and food, inflation at the wholesale level rose less than expected last month, while the US trade deficit got slimmer, thanks to an increase in exports. Still, a rise in energy costs in July led to an unexpected .06% uptick in the producer price index...

Obscure Rule Change Blamed for Wild Market

'Downtick' regulation helped check stock free falls

(Newser) - A change in an arcane rule governing stock trading is being blamed for some of the recent volatility in the stock market, the Wall Street Journal reports. For more than 75 years, the "downtick rule" prevented traders from shorting a stock as the price fell. Its repeal last month...

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