FEDERAL RESERVE

The new head of the IMF on Saturday called on global policymakers to pursue urgent action, including forcing European banks to bulk up their capital, to prevent a descent into a renewed world recession.

Republican Rick Perry initially gained attention after entering the race for the Republican party's presidential nomination for his outspoken, off-the-cuff style, also known as Perryisms. But now the Texas governor on the presidential campaign trail is becoming known as a leader in the race. The latest Gallup poll shows Perry vaulting into the lead for the Republican party's presidential nomination. Perry, who entered the race just a couple of weeks ago, is quickly passing over for...

World stocks rose 1 percent and the dollar fell on Friday as Federal Reserve Chairman Ben Bernanke left the door open for future U.S. economic stimulus.

Republican presidential candidate Rick Perry on Thursday described Washington as a seedy place while defending what he said was his manner of speaking plainly.

Hurricane Irene closed in on the east coast on Friday, lashing North Carolina with ferocious winds and triggering emergency steps including unprecedented evacuations and transit shutdowns in New York.

In his Jackson Hole, Wyo. conference speech, U.S. Federal Reserve Chairman Ben Bernanke said, in so many words, that headwinds -- some organic, some Capitol Hill-ish -- confronting the U.S. economy are strong, but the Fed is stronger.

The Federal Reserve announced on Friday that it will hold three public meetings on the proposed purchase of ING Groep NV's online bank ING Direct by Capital One Financial Corp.

The eastern United States ramped up its alert on Friday ahead of Hurricane Irene and New York City ordered evacuations of vulnerable residents as the broad, menacing storm closed in on the Atlantic coast.

Toronto's main stock market cut early losses in volatile trade on Friday morning as investors deemed an earlier sharp selloff overdone as they digested remarks by the Federal Reserve chairman.

Gold rose Friday nearly 2 percent after the head of the U.S. central bank, in a closely analyzed speech, declined to signal more money printing as a way energize the moribund U.S. economy.

South Africa's rand advanced to a one-week high against the dollar, breaking through resistance at 7.15, supported by a rise in U.S. stocks.

Brent crude oil rose slightly in choppy trade on Friday as Hurricane Irene barreled toward the U.S. East Coast and traders weighed comments by U.S. Federal Reserve Chairman Ben Bernanke on the economy.

Federal Reserve Chairman Ben Bernanke on Friday stopped short of detailing further action to boost the U.S. recovery but said the central bank would consider what more it could do to fight high unemployment, giving some comfort to investors.

The struggling U.S. economy expanded even more slowly than previously thought in the second quarter of 2011, but a breakdown of the growth suggested a new recession could be avoided.

Wall Street stocks rebounded on Friday as investors digested Federal Reserve Chairman Ben Bernanke's remarks about the economy and regained hope the door was still open for more monetary stimulus down the road.

Shares of major gold mining companies fell Friday in midday trading, after the head of the U.S. central bank used a closely-watched speech to indicate that the Federal Reserve had no immediate plans to stimulate the lagging economy with another round of bond buying.

Stocks rose Friday after Fed Chairman Ben Bernanke used a closely-followed speech to express optimism about the U.S. economic recovery but offer no hint that the central bank would intervene, as it did after his last such talk.

Federal Reserve Chairman Ben Bernanke on Friday stopped short of signaling further action to boost growth, but said it was critical for the economy's health to reduce long-term joblessness.

The U.S. economy grew at a worse-than-expected 1.0 percent rate in the second quarter, the U.S. Commerce Department announced Friday, in its second estimate for the quarter, as lower export growth and a slowdown in inventory build-up braked the world's largest economy to near-stall speed.

The economy grew much slower than previously thought in the second quarter as business inventories and exports were less robust, a government report showed on Friday, although consumer spending was revised up.

Those expecting Federal Reserve Chairman Ben Bernanke to pull a rabbit from his hat at a retreat for central bankers here on Friday may be in for a letdown.