JPMorgan Chase & Co. said Friday it is expanding its program to modify mortgages in an effort to avoid foreclosures on up to $70 billion in loans.
Two powerhouse emerging market countries felt the sting of the global financial crisis on Saturday as India unexpectedly cut its main short-term lending rate again and China said it was now feeling a slowdown.
Regulators have shut down Freedom Bank, a small bank located in Bradenton, Fla. It was the 17th failure this year of a federally insured bank.
By the time Jeffrey Frankel got to bed it was past midnight, but sleep did not come easy.
Twice during the night, the broker had climbed out from the covers and returned to the television, trying to get a read on what investors were thinking in Tokyo and Hong Kong and to see what the futures market foretold about the trading day ahead.
Now, the digital board hanging over the New York Stock Exchange's maple hardwood floor showed 9:24 a.m.
Six minutes left until the open.
But in one corner of the trading floor, brokers for Stuart Frankel & Co. had been at their stations for more than 2 1/2 hours. Frankel, president of the company founded by his father, had been on the floor since 8, working the phones, swigging coffee, 'trying to get ready for what seems to be getting whacked in the head every day.'
Myanmar News.Net Saturday 1st November, 2008 Wall Street stock indices closed higher on Friday, ending one of the best weeks in three decades, as banking giant JPMorgan Chase & Co moved to tackle the housing ...
You don't have to wait for them, though. The nonpartisan group often doesn't declare a recession until after it's over - but when unemployment is high as incomes fall, you may know it's a recession long before ...
By MADLEN READ Major stock indexes shot up more than 10 percent this week, but yields on Treasury bills fell anyway - suggesting demand is still high for the ultimate safe investment.While investors are ...
Evidence of a recession piled ever higher Friday, with new figures showing Americans are spending less and gloomy about the economy, while the government signaled it won't buy stock in the financing arms of auto companies to prop them up. The Commerce Department reported consumer spending dropped a sharp 0.3 percent in September while their incomes, the fuel for future spending, managed only a small 0.2 percent gain.
That followed a report a day earlier that the U.S. economy shrank by 0.3 percent in the third quarter. The accepted definition of a recession is two straight quarters of a shrinking economy.
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