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Obama urges quick action on Wall Street reform

President Barack Obama called on Wednesday for a sweeping overhaul of Wall Street regulations, saying big changes were needed to avoid a repeat of the financial meltdown.

Apple investors get no satisfaction on Jobs

although that part of the law is seen as something of a gray area. (Editing by Edwin Chan, editing by Gerald E. McCormick, Bernard Orr)

Heads of Oil Industry Push Offshore Drilling

Major companies in the oil industry pushed the U.S. Congress Wednesday for the permanently lifting of a moratoria that blocks them from drilling offshore and reach tremendous amounts of oil and gas resources.

GM investors look beyond fourth quarter loss to funding

General Motors Corp saw its fourth-quarter sales drop 26 percent and ended the year desperately short of cash and dependent on a $13.4-billion government lifeline to remain in business. So when the automaker reports fourth-quarter financial results on Wednesday, investors will be looking beyond the bad news for an update on its survival plan. The key to valuing GM's shares and debt i...

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Wall Street falls on economic woes

U.S. stocks fell on Wednesday as more weak housing data reinforced fears about the economy, while banks weakened in late trading after the government launched tests to gauge their ability to withstand a long and deep recession. * Sales of previously owned U.S. homes plunged much more than expected January, pulling homebuilders down 2.1 percent. * After a choppy session that saw indexes swing both ...

Oil jumps 6 percent on U.S. gasoline stock draw

Oil prices jumped 6 percent to above $42 a barrel on Wednesday, after a U.S. government report showed a sharp drop in gasoline inventories in the world's top consumer.

Most Americans support Obama's economic plan: polls

Large majorities of Americans support U.S. President Barack Obama's plans to revive the economy and his efforts to work across party lines, according to a pair of public opinion polls released on Monday.

Stocks fall on grim home sales data and bank worry

Stocks fell on Wednesday as investors were hit by a report showing yet more deterioration in the housing market, while uncertainty about Washington's plans to shore up the banking system persisted. President Barack Obama's first address to Congress offered few new insights on government plans to stabilize the economy and shore up banks. Investors sold off shares of financial services companies a...

Obama to lay out broad financial reforms

President Barack Obama and Treasury Secretary Timothy Geithner plan on Wednesday to lay out broad principles for Wall Street regulatory reform aimed at preventing a repeat of the current financial crisis, an administration official said.

Obama to lay out broad financial reforms: official

Stocks fall as Obama fails to deliver details

Stocks fell on Wednesday as President Barack Obama's first address to Congress shed little new light on how he plans to stabilize the economy and shore up banks, and gloomy home sales data fed the negative sentiment. Obama said in his speech on Tuesday night the United States would emerge stronger from the ongoing crisis, but investors found little in what he said to spur buying after the market...

AIG's fading hope for AIA sale pinned on 3 parties

Three potential bidders are still looking at buying a large stake in American International Group's key Asian life insurance unit, people close to the matter said on Wednesday.

Market cuts losses on Bernanke's Citi comment

U.S. stocks cut losses on Wednesday after Federal Reserve Chairman Ben Bernanke said in Congressional testimony that regulators do not plan anything like nationalization for Citigroup.

Existing U.S. home sales, prices drop in January

Sales of previously owned U.S. homes plunged in January, reversing the previous month's surprise jump, and prices spiraled down to a six-year low as the deep recession and rising joblessness took its toll. A drop in number of unsold homes offered some hope for the housing market, the main trigger of the worst financial crisis in the post-war period. The pace of sales of existing home fell 5.3 p...

Bernanke confident can keep U.S. inflation at bay

Federal Reserve Chairman Ben Bernanke said on Wednesday that he had an exit strategy from the U.S. central bank's recent massive monetary expansion that will keep inflation under control as the economy recovers.

Market cuts losses on Bernanke Citi comment

U.S. stocks cut losses on Wednesday after Federal Reserve Chairman Ben Bernanke said in Congressional testimony that regulators do not plan anything like nationalization for Citigroup . * Shares of Citigroup rose nearly 3 percent to $2.67. Before Bernanke's comments the stock was down more than 4 percent. * Weighing on the market was disappointment that a major speech by U.S. Preside...

CORRECTED: Unpaid furloughs a trend for U.S. white-collar jobs

management can say, 'The paper still came out every day ... we still have some fat left to cut,' said Jim Hopkins, a former Gannett journalist who now writes a blog about the company. Cornell's Blau agreed furloughs could offer employers a way to experiment with lower staffing while they're waiting for the economy to determine how much further they'll have to cut. Still, I don't think...

Stock futures point to mixed open for Wall St.

Stock index futures pointed to a mixed open for U.S. shares on Wednesday, following a surge in the previous session. At 5:30 a.m. EST, futures for the Dow Jones were flat; those for the S&P 500 were up 0.l percent and those for the Nasdaq were down 0.2 percent. Macro data due includes sales of existing homes in January. A Reuters poll suggests sales will have risen to an annual pace of 4.79 ...

Wall St. drops on misgivings about Obama speech

Stocks fell on Wednesday due to disappointment U.S. President Barack Obama shed little new light about how his administration would stabilize the economy in a major speech before Congress. Long-standing worries about recession and the fate of the banking sector persisted, sending shares of financial services companies, big manufacturers and energy companies lower. Bank of America s...

Agrium bids $3.6 billion for CF Industries

the offer expires on May 15. CF has also said it plans to nominate three directors to replace three members of Terra's board at this year's annual meeting. Terra has a classified board with staggered terms. Three directors will be elected to serve a three-year term at this year's annual meeting. Even if the proposed deal does find favor with Terra's shareholders, it could run into regulato...

Stocks drop as Obama speech and housing data weigh

Stocks fell on Wednesday as investors found little new in a major speech by President Barack Obama on how he planned to stabilize the economy, while gloomy home sales data weighed on the market. Long-standing worries about recession and the fate of the banking sector persisted despite Obama's speech to Congress on Tuesday night, sending shares of financial services companies, big manufacturers a...

Chrysler CEO meets with U.S. auto task force

Chrysler Chief Executive Bob Nardelli was meeting on Wednesday with members of the U.S. auto industry task force as officials begin to review the automaker's request for up to $5 billion in additional aid. Nardelli was joined in the meeting by Chrysler President Tom LaSorda, who heads the automaker's manufacturing operations, and Chief Financial Officer Ron Kolka, according to a person briefed ...

Stock futures dip after run-up and no Obama spur seen

Stock index futures dipped on Wednesday, as investors pondered whether the market would sustain a run-up seen in the prior session amid persistent concerns about recession and the financial sector. Late on Tuesday, in his first speech to Congress, U.S. President Barack Obama tried to reassure Americans the country would emerge stronger from the crisis but analysts said he shed little light on how...

U.S. existing home sales fall along with value

The pace of sales of existing home in the United States fell 5.3 percent in January to a 4.49 million-unit annual rate, while home prices dropped to a six-year low and inventories shrank, the National Association of Realtors said on Wednesday. Economists polled by Reuters were expecting home resales to rise to a 4.79 million-unit pace from the 4.74 million rate for December. The inventory of exi...

Agrium bids to acquire CF Industries for $3.6 billion

Canadian fertilizer maker Agrium Inc said on Wednesday it has offered to acquire U.S. rival CF Industries for $3.6 billion in cash and stock. The bid is conditioned on CF dropping its hostile takeover offer for U.S. rival Terra Industries , which Terra has rejected. Agrium said it has submitted a proposal to the board of directors of CF offering $72 in ca...

U.S. existing home sales fell 5.3 percent in January

The pace of sales of existing home in the United States fell in January to a 4.49 million-unit annual rate while home prices and inventories dropped, the National Association of Realtors said on Wednesday. Economists polled by Reuters were expecting home resales to rise to a 4.79 million-unit pace, from the 4.74 million rate initially reported for December, which was unchanged. The inventory of ...

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