Economy News
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Home resales slip, housing recovery still eyed
WASHINGTON - Home resales retreated in September from a two-year high, a reminder that America's housing sector is a long way from a full recovery despite recent signs of improvement. | Video
Some in Congress look to $55 billion fiscal cliff 'fallback'
WASHINGTON - An idea percolating in the Congress, aimed at helping avoid the "fiscal cliff," would scrap the steep across-the-board spending cuts of $109 billion set to start on January 2 and replace them with more targeted savings of about $55 billion, according to aides familiar with the discussions.
U.S., Panama to inaugurate free-trade pact next week
WASHINGTON - A free-trade agreement between the United States and Panama will go into force at the end of this month after a years-long delay, likely boosting U.S. exports of everything from tractors to chicken legs.
Fed's Pianalto does not comment on policy, economic outlook
- Cleveland Federal Reserve Bank President Sandra Pianalto did not comment on monetary policy or the economic outlook in remarks prepared for delivery to a Chicago Fed conference on payments.
Unemployment rates fall in most election swing states
NEW YORK - The unemployment rate fell last month in most states, including those considered undecided in the presidential election, data from the Labor Department showed on Friday.
Firm dollar, weak Europe crimp U.S. industrials' sales
NEW YORK - Four top U.S. manufacturers, including General Electric Co and Honeywell International Corp , reported weaker-than-expected sales on Friday, in a fresh warning to investors that demand around the world remains sluggish. | Video
VC investments fall to $6.49 billion in third quarter
SAN FRANCISCO - Investments by U.S.-based venture capitalists fell 12 percent last quarter to $6.49 billion, according to consultancy PricewaterhouseCoopers, the National Venture Capital Association, and Thomson Reuters, underscoring the toll an uncertain economy is taking on the venture industry.
Top bankers urge Washington to avoid fiscal cliff
WASHINGTON - Top financial industry executives urged the Obama administration and Congress on Thursday to stop automatic fiscal austerity measures from kicking in at year-end, but did not propose fresh ideas for replacing those harsh budget and tax measures.
Jobless claims hint labor market improving slowly
WASHINGTON - The number of Americans filing new claims for jobless benefits spiked last week, reversing a sharp decline in the prior week but still pointing to a labor market that is slowly healing.
Fed balance sheet grows in latest week
NEW YORK - The Federal Reserve's balance sheet grew in the latest week with a jump in the holdings of agency mortgage-backed securities, Fed data released on Thursday showed.
Markets
- U.S.
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- Sectors
DOW | 13,274.40 | -69.11 | -0.52% |
S&P; 500 | 1,426.46 | -6.73 | -0.47% |
NASDAQ | 3,007.51 | +1.88 | +0.06% |
TR US Index | 128.62 | -0.80 | -0.62% |
Sector Summary
Energy | -1.22% |
Basic Materials | -0.37% |
Industrials | -0.91% |
Cyclical Goods & Services | -0.74% |
Non-Cyclical Goods & Services | -0.48% |
Financials | -0.38% |
Healthcare | -0.58% |
Technology | +0.19% |
Telecoms | -0.59% |
Utilities | -0.84% |
Spanish downgrade threat averted, but for how long?
Spain has averted a downgrade to junk status, for now.
San Bernadino’s coming pension brawl
San Bernadino’s move to skip its CalPERS payments is a game-changer. It opens the door to reducing pension payments for its current and future retirees. It’s likely that San Bernadino will encounter significant legal costs, but those costs must be weighed against potential savings. Many will ask how San Bernardino will deal with the exodus of police and firemen following this move. The truth is that the city will be able to hire many more employees at more reasonable salary and benefit-levels. It really shouldn’t cost a community over $200,000 to compensate a safety worker.