U.S. stocks dropped for the first time this week on Thursday, after Federal Reserve Chairman Ben Bernanke forecasted sluggish economic growth in 2008. The Dow Jones Industrial Average fell 175.3 points, or 1.4 percent, to end at 12,377, with all but one of its 30 components ending in the red.
The dollar fell on Thursday against the euro after Federal Reserve chief Ben Bernanke signaled that policy makers were ready to lower interest rates if the U.S. economy continued to deteriorate.
Crude futures climbed nearly $2 on Thursday as economic data from Japan and the U.S. diminished worries about a worldwide recession. Prices were also supported by supply concerns.
Gold futures edged slightly higher on Thursday as the dollar fell against major currencies Thursday after Federal Reserve Chairman Ben Bernanke said the U.S. economic outlook had worsened and urged the central bank to support growth.
For the past eight years, Wal-Mart Stores Inc's shareholders have had little reason to beam like the retailer's well-known smiley face image, as stock prices have dropped and the company has underperformed rivals like Target Corp.
But the gloom may be finally lifting -- ironically thanks in part to the U.S. economy's increasing troubles.
Federal Reserve Chairman Ben Bernanke on Thursday held the door open to more interest rate cuts to help the struggling economy, but told Congress the central bank expects growth to pick up later in the year. The Fed will act in a timely manner as needed to support growth and to provide adequate insurance against downside risks, Bernanke told the Senate Banking Committee.
Google plans to enter the online music market in China for the first time, as it steps up its battle with local incumbent Baidu.com Inc, media reported on Thursday. Google is expected to announce a joint venture with Top100.cn, to allow users to listen to and download licensed music files for free, major portal Sina.com said, citing local newspaper reports based on sources close to the U.S. firm.
Hezbollah's chief Sayyed Hassan Nasrallah on Thursday threatened Israel with open war after accusing the Jewish state of killing one of its top commanders. Zionists, if you want this type of open war then let the whole world hear: let it be an open war, Nasrallah told mourners at the funeral of Imad Moughniyah, a legend to Hezbollah but one of the men most wanted by Israel and the U.S. for planning attacks that killed hundreds.
For hundreds of thousands of Americans facing spiraling mortgage costs, the last hope of keeping their home may lie in a classroom in a back office of a local nonprofit group.
Swiss bank UBS has revealed $26.6 billion in exposure to risky U.S. mortgages distinct from subprime loans, increasing its vulnerability to the global credit crisis and sending its shares sharply lower. The newly unveiled exposure was for so-called Alt-A mortgages, which are of higher quality than subprime loans but also considered risky.
Tax payers can expect to receive rebates starting in May, after President George W. Bush today signed into law a bill authorizing payments from $300 to $1,200 to more than 130 million people. The rebates are part of $168 billion plan approved by lawmakers this month to give a booster shot to the slowing U.S. economy. The stimulus package also includes tax breaks for businesses when they invest in new plants and equipment.
Venezuela said that the U.S was supporting Exxon Mobil's lawsuit to freeze its state-controlled oil revenue in an effort to destabilize the country.
Crude oil prices rose slightly on Wednesday after a government report showed an increase in U.S. retail sales, relieving fears of an economic recession and lower demand.
Yahoo's second biggest investor called-on Microsoft to increase its 42 billion bid for the web giant, and also increased pressure on Yahoo by saying it had few options left, increasing the pressure on the two companies to seal a deal that Yahoo had rejected earlier.
The dollar rose to its highest level against the yen on Wednesday after a government report indicated that retail sales in the U.S. rose more than expected, easing concerns about the likelihood of a U.S. recession.
US and Australia started talks on Tuesday, in Washington, in an effort to provide cheaper flights across the trans-pacific route.
A senior U.S. lawmaker said on Wednesday he had introduced legislation designed to prevent broadband Internet providers from unreasonable interference with subscribers' access to content.
Viruses on mobile phones are still rare but nearly three-quarters of mobile phone users in developed countries are worried about security on their handsets, a survey showed on Wednesday.
Comcast Corp has told U.S. regulators it uses reasonable measures to manage traffic moving over its broadband service as some of its customers overwhelm the network by using file-sharing applications like BitTorrent.
Yahoo Inc's second-biggest investor urged Microsoft Corp to raise its $42 billion bid for the Web pioneer and warned Yahoo it has few options left, raising the pressure on them to seal a deal.
Stock index futures were little changed on Wednesday, with investors cautious before retail sales data, which will be scrutinized for clues on the health of the consumer.
The United Nations World Food Programme (WFP) has joined forces with Vodafone to work on a standard telecommunications system for aid agencies around the world to improve logistics and response times to disasters.
