Federal Reserve

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Stocks Blast Off; Dow Rises 420
 Stocks Blast Off; Dow Rises 420 
MARKETS
Mar 18, 2008 3:47 PM CDT

Stocks Blast Off; Dow Rises 420

Worries lessen that investment banks are doomed

(Newser) - Stocks blasted off today, with the Dow up more than 400 points after the Fed rate cut and a rally by investment bank stocks. "The run on the investment banks would appear to be over,'' a strategist told Bloomberg. The Dow ended up 420.41 at 12,392....

Fed Cuts Key Interest Rate &frac34; Point
 Fed Cuts 
 Key Interest 
 Rate ¾ Point 
updated
Mar 18, 2008 1:37 PM CDT

Fed Cuts Key Interest Rate ¾ Point

But Wall Street had hoped for more

(Newser) - The Federal Reserve today cut the federal funds rate by ¾ of a percentage point, from 3% to 2.25%, disappointing many investors who were hoping for a cut of a full point, reports the Wall Street Journal. The Fed voted 8-2 for the rate cut. "Recent information indicates...

Credit Crunch Slows Spending
 Credit Crunch
 Slows Spending 
Mar 18, 2008 11:10 AM CDT

Credit Crunch Slows Spending

Consumers, businesses tighten belts just as economy needs fuel

(Newser) - Fewer credit card offers, tougher mortgage requirements, and a slowdown in business expansion all are likely because of the worsening credit crisis, reports the Washington Post. Banks are looking to limit exposure to high-risk customers and restore their own bottom lines. And that’s tough medicine for an economy that’...

Fed 'Will Get on Top of This,' Says Bernanke Mentor

Scope 'far exceeds' that of previous crises

(Newser) - Ben Bernanke has the savvy to inject enough liquidity into the US economy to push it through the current credit crisis, says a leading economist who advised the Fed chief's MIT doctoral thesis. “The Fed will get on top of this,” said Stanley Fischer, ahead of this afternoon's...

Bernanke Looks Impotent as Fed's Fixes Fail

Economic woes may be beyond cure by monetary medicine

(Newser) - Ben Bernanke has employed virtually every tool in the Federal Reserve's kit to calm markets panicked by the credit crisis, but hasn't scored any more than temporary rallies, Bloomberg reports in a look at the markets' fading faith in the Fed chief—and the Fed itself. "The Fed has...

Stocks Rebound, Countering Selloff in Financials
Stocks Rebound, Countering Selloff in Financials
Market Update
Mar 17, 2008 10:17 AM CDT

Stocks Rebound, Countering Selloff in Financials

Bear Stearns buyout sends JP Morgan up, Lehman Brothers down

(Newser) - Stocks steadied after steep early morning losses today, with the Dow actually rising 1.06 points by mid-morning, the Wall Street Journal reports. But financials were still down big, as the Bear Stearns fire sale loomed large over the market. Lehman Brothers, down 22%, was hit the worst, other than...

Fed Cuts Bank Discount Rate to Boost Liquidity

Latest step to stem worsening credit crisis and bolster panicky markets

(Newser) - The Federal Reserve raced to buck up an anxious financial sector today by cutting its discount rate to banks by a quarter point, to 3.25%, the AP reports. It also created a new lending facility to aid investment banks with short-term loans. The moves are "designed to bolster...

Bernanke Tosses Out His Rule Book

As Wall Streets meltdown accelerates, the Fed chief adapts on the fly

(Newser) - With a recession and worsening meltdown on Wall Street looming, Fed chief Ben Bernanke has dumped textbook central bank economic policy, reports the New York Times. Last week's bailout of Bear Stearns, for example, seemed to fly in the face of his previous reluctance to rescue big institutions. And it...

Wounded Bear Scrambles for a Savior
Wounded Bear Scrambles
for a Savior
Mar 15, 2008 3:38 PM CDT

Wounded Bear Scrambles for a Savior

Stearns hopes to find a quick buyer in troubled times

(Newser) - What's next for Bear Stearns? A Wall Street institution for the better part of a century, it is now scrambling to find a buyer. Its best hope is JP Morgan, which provided a temporary lifeline yesterday along with the Fed. But other possible suitors include Citibank and HSBC, the Wall ...

Bear Bailout Invites the Bears
 Bear Bailout Invites the Bears 
MARKETS
Mar 14, 2008 3:40 PM CDT

Bear Bailout Invites the Bears

Financial sell-off follows Fed's move, sends markets plummeting

(Newser) - News of the Bear Stearns bailout triggered a sell-off today as investors were reminded that the true depth and breadth of current credit problems remains uncertain, the Wall Street Journal reports. Bear Stearns stock closed at 30, down a breathtaking 47.4% on the day. The Dow fell 194.65...

Economy in Trouble: Bush
 Economy in Trouble: Bush 
Mar 14, 2008 3:00 PM CDT

Economy in Trouble: Bush

President warns of overreaction to housing, credit crises

(Newser) - The economy is experiencing difficulties, but President Bush said today he is certain a recovery will come soon, the AP reports. “In a free-market economy there will be good times and bad times” he said in a speech to the Economic Club of New York. “We’re going...

Dollar Makes Comeback as Banks Predict Intervention

Greenback back above 100 yen, gains on euro

(Newser) - The dollar made a recovery today after yesterday's disastrous fall, pulling back above 100 yen and gaining against the euro and the pound. The greenback's advance comes as securities firms speculated that the Fed and other central banks will collaborate to safeguard the dollar for the first time in 13...

Gold Hits Record $1K per Ounce
 Gold Hits Record $1K per Ounce 
Mar 13, 2008 1:03 PM CDT

Gold Hits Record $1K per Ounce

Slumping US economy, dollar sends investors to shiny commodity

(Newser) - Gold hit $1,000 per ounce for the first time today, the BBC reports, as investors flock to commodities. The precious metal is already up 20% on the year. “Every bit of bad US economic data boosts gold in two ways,” said Fortis Bank, both because gold is...

New $5 Bill Debuts Today
 New $5 Bill Debuts Today 
Mar 13, 2008 11:45 AM CDT

New $5 Bill Debuts Today

Abe gets a colorful makeover on copy-resistant bills

(Newser) - Honest Abe may've been a bit pasty and gaunt, but the public can now see him in a more vivid hue: The redesigned $5 bill, complete with splashes of purple designed to thwart pesky counterfeiters, is being released today. Lincoln keeps his place on the front, and his memorial on...

Feds Outline New, Tougher Credit Rules

Paulson pushes stricter standards for mortgage lenders

(Newser) - A panel led by Treasury Secretary Henry Paulson is seeking a major overhaul of rules affecting mortgage lenders and a credit market decimated by risky subprime loans and loose oversight, the Wall Street Journal reports. Among panel recommendations to be released today:
  • Strengthen mortgage lender and broker oversight
  • Establish licensing
...

Stocks Rally, Flatten, End Down
 Stocks Rally, Flatten, End Down 
MARKETS
Mar 12, 2008 3:38 PM CDT

Stocks Rally, Flatten, End Down

Oil hitting $110-a-barrel mark sure doesn't help; hopes of another rate cut rise

(Newser) - Markets shot up early today, then flattened out and ended down as record oil and gas prices put a damper on things. Per-barrel oil prices hit $110.20 before landing at $109.92, the Wall Street Journal reports. The Dow ended down 46.57 to 12,110.24, the Nasdaq...

Wow! Dow Climbs 400 Points
Wow! Dow Climbs 400 Points
MARKETS
Mar 11, 2008 3:55 PM CDT

Wow! Dow Climbs 400 Points

Fed's plan sends stocks roaring

(Newser) - The Fed's plan to ease the credit crisis sent stocks roaring today; by the closing bell, the Dow was up by more than 400 points. Financials led the way, reports the Wall Street Journal, with massive gains by Citigroup and American Express. The Dow closed up 416.66 at 12,...

Fed Pours $200B Into Global Credit Relief Push

Central banks around the world try to ease liquidity problem

(Newser) - The Fed will inject huge quantities of cash into financial markets as part of a coordinated global attack on the credit crisis, Ben Bernanke announced today. The central bank will loan out another $200 billion, this time on a 28-day basis rather than overnight, the AP reports. The effort will...

Dow Falls 146, Sinks Below 12K
Dow Falls 146, Sinks Below 12K
MARKETS
Mar 7, 2008 4:19 PM CST

Dow Falls 146, Sinks Below 12K

'A darned good imitation' of a recession

(Newser) - The markets seesawed and ultimately saw losses today as news of a bank boost by the Fed couldn't outweigh the Labor Department's grim February jobs report. The Dow lost 146.70, closing at 11,893.69, and the S&P 500 fell 10.97 to 1,293.37. The Nasdaq...

Fed Pumps Money Into Reeling Banks
Fed Pumps Money Into Reeling Banks
Mar 7, 2008 12:02 PM CST

Fed Pumps Money Into Reeling Banks

It will loan billions more this month to ease credit crisis

(Newser) - The Federal Reserve will lend more money to banks in March in a bid to ease the worsening credit crisis, Bloomberg reports. By dramatically increasing the funds available in two upcoming auctions—from $30 billion to $50 billion—the Fed hopes to convince banks to loosen up and lend more.

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