-
Stocks fall sharply on surge in oil, jobs data
NEW YORK (AP) — Wall Street tumbled yesterday, taking the Dow Jones industrials down nearly 400 points, on a pair of alarming economic developments.
Oil prices shot up by more than $11 a barrel and approached $140 for the first time, and the Labor Department's data showed the biggest gain in the government's unemployment rate in more than 20 years.
-
Stocks higher after home sales data, lower oil
NEW YORK (AP) — Wall Street advanced in uneven trading yesterday after a drop in oil prices and an unexpected gain in new home sales encouraged investors to put money back into the market.
Stocks picked up momentum late in the session as oil prices drifted below $129 a barrel.
-
Ford cuts N. American production, profit goal
DETROIT — Fast-rising gas prices claimed their latest victim Thursday: Ford Motor Co., which dropped its goal of becoming profitable by 2009 and said it will cut production of trucks and sport utility vehicles through the rest of this year. It was a warning shot to the rest of the beleaguered U.S. auto industry, which is facing its worst sales in more than a decade.
-
Oil hits new high, Wall Street sputters
NEW YORK (AP) — Wall Street capped a week of big gains with modest moves yesterday as investors grappled with surging energy prices that overshadowed news of a surprise increase in home construction.
-
Treasury secretary says markets calmer now
WASHINGTON (AP) — Treasury Secretary Henry Paulson said Friday that financial markets are "considerably calmer" now than they were two months ago. He predicted the economy will be rebounding by the second half of this year.
-
Fairpoint profits tumble
CHARLOTTE, N.C. (AP) — Telecom carrier FairPoint Communications Inc. said yesterday its first-quarter profit fell 34 percent, weighed down by some one-time customer credits and increased competition.
-
Massachusetts property deeds, May 10
AMESBURY
52 Cedar St.: John J. McPartland and Mark E. Wojcicki to Jason and Jason Shane Brissey, $412,500
52 Cedar St.: Cynthia and Mark E. Wojcicki to Mark E. Wojcicki, $125,000
30 Congress St.: John J. McNulty and Newburyport Five Cents Savings Bank to Vincent W. Burke, $245,000
-
Housing aid bill faces presidential veto
WASHINGTON — Democrats' plans to help hundreds of thousands of homeowners struggling with rising subprime mortgage rates and plummeting house values could be sidetracked by President Bush's threatened veto and the opposition of many congressional Republicans.
-
AIG problems help send Wall Street tumbling
NEW YORK (AP) — Wall Street ended the week with a big decline as investors grappled with two of the biggest threats to the economy: fallout from turmoil in the credit market and surging energy prices. All three major indexes suffered losses for the week.
-
Oil prices top $126 a barrel, gas hits $3.67 a gallon
NEW YORK (AP) — Oil rose above $126 a barrel for the first time yesterday, bringing its advance this week to nearly $10, as investors questioned whether a possible confrontation between the U.S. and Venezuela could cut exports from the OPEC member.
-
Consumer spending up but much of gain reflects higher prices
WASHINGTON (AP) — Soaring prices for food, gas and other everyday needs pushed consumer spending to a faster pace than expected in March.
The Commerce Department reported today that consumer spending was up 0.4 percent, double the increase that economists had forecast.
-
GM forms another partnership with an ethanol startup company
WASHINGTON (AP) — General Motors Corp. said today it had taken an ownership stake and formed a partnership with Mascoma Corp., a renewable energy company that is working to develop cellulosic ethanol from wood chips, waste paper sludge and switch grass.
-
Bush says rebates going out Monday will boost economy
WASHINGTON (AP) — President Bush said tax rebates will start going out Monday, earlier than previously announced, and should help Americans cope with rising gasoline and food prices, as well as aid a slumping economy.
-
Microsoft in quandary over Yahoo bid as key deadline looms
SAN FRANCISCO (AP) — Microsoft Corp. is no closer to buying Yahoo Inc. than when it made its $44.6 billion bid nearly three months ago, leaving the software maker in a quandary over whether the deal is still worth pursuing.
-
Bush says rebates going out Monday should help economy
WASHINGTON (AP) — President Bush says the economic-stimulus tax rebates will begin going out Monday and will help people cope with lofty energy and food prices, as well as giving the economy a jolt.
-
Hannaford details upgrades prompted by security breach
PORTLAND, Maine (AP) — Hannaford Bros. Co. said it is spending millions of dollars to enhance the security of its data network following a massive breach that compromised up to 4.2 million credit and debit card numbers.
-
Wall Street shares rise on drop in jobless claims, discount retailer sales
NEW YORK (AP) — Wall Street rose yesterday as investors bought back into stocks after two days of losses, encouraged by a drop in unemployment claims and a better-than-expected sales performance by discount retailers.
-
Most retailers post weak sales in March; consumers focus on basics
NEW YORK (AP) — The nation's retailers reported the weakest March sales in 13 years yesterday as consumers — fretting about mounting economic problems and enduring a frigid Easter — limited their shopping to food and other essentials.
-
Study: Downeaster train an economic engine for Maine, NH
PORTLAND, Maine (AP) — The Amtrak Downeaster passenger train will generate billions of dollars in economic benefits in Maine and New Hampshire over the coming decades, according to a new study.
The study, "Amtrak Downeaster: Overview of Projected Economic Impacts," was commissioned by the Northern New England Passenger Rail Authority to identify long-term economic benefits in Maine and New Hampshire associated with development along the train's Portland-to-Boston corridor. It also examined potential economic impacts of expanded service to Brunswick and Rockland.
-
Stocks rebound from sharp sell-off
NEW YORK (AP) — Wall Street capped a volatile week with a big advance Thursday, rebounding from a steep sell-off as investors sought bargains and cheered a milder-than-expected drop in a regional manufacturing report.
-
Feds slash funds rate to contain credit crisis
WASHINGTON (AP) — The Federal Reserve on Tuesday slashed a key interest rate by three-fourths of a percentage point, moving aggressively to contain a credit crisis threatening to push the country into a severe recession.
-
Fed endorses rescue effort for Bear Stearns and pledges to supply cash to financial system
WASHINGTON (AP) — The Federal Reserve invoked a rarely used Depression-era procedure yesterday to bolster troubled Bear Stearns Cos. and said it will provide even more help to combat a serious credit crisis.
-
Fed announces further steps to ease credit crunch
WASHINGTON (AP) — The Federal Reserve on Tuesday ramped up efforts to provide more relief to squeezed financial institutions, a coordinated action with other central banks aimed at easing a global credit crises that threatens to push the U.S. economy into its first recession since 2001.
-
Wall Street pulls back as oil soars and investors sift through shaky corporate news
NEW YORK (AP) — Stocks sank Monday as oil's surge above $108 a barrel and more worrisome signs for the financial sector led investors to extend last week's losses. The Dow Jones industrial average fell more than 150 points, bringing its three-day loss to nearly 515, while broader indexes showed steeper percentage losses.
-
Stocks fall sharply after weaker-than-expected jobs report
NEW YORK (AP) — Stocks tumbled for a second consecutive session Friday after the government's February jobs report revealed employers slashed payrolls last month, compounding fears that the U.S. economy is succumbing to recession. The Dow Jones industrial average fell 146 points, bringing its two-day slide to 370.
-
Jobless claims drop but don't change overall picture of slower employment market
WASHINGTON (AP) — The number of people signing up for unemployment benefits fell sharply last week, a spot of welcome news that nonetheless failed to change the overall picture of a softer employment climate.
-
Key home price index shows record decline in 2007
NEW YORK (AP) — U.S. home prices dropped 8.9 percent in the final quarter of 2007 compared with a year ago, Standard & Poor's said Tuesday, the steepest decline in the 20-year history of its housing index.
-
Higher costs for food, energy and medicine push wholesale prices up sharply
WASHINGTON (AP) — Battered by bad economic news, consumer confidence plunged while wholesale food, energy and medicine costs soared, pushing inflation up at the fastest pace in a quarter century.
-
Fed auctions another $30 billion to combat credit crisis in 6th such move
WASHINGTON (AP) — The Federal Reserve, seeking to combat effects of the credit crisis, said Tuesday it had auctioned another $30 billion in funds to commercial banks, at an interest rate of 3.080 percent. It was the sixth in a series of auctions that so far have pumped $160 billion into the nation's banking system in an effort to provide cash-strapped banks with extra reserves.
-
Visa expects to raise up to $18.76 billion in public offering
NEW YORK (AP) — Visa said Monday it could raise almost $19 billion from an initial public offering, which would easily become the largest IPO in U.S. history.
San Francisco-based Visa Inc. said in a Securities and Exchange Commission filing it will offer 406 million shares at $37 to $42 per share. There will be an option for its underwriters to buy an extra 40.6 million shares to cover any excess demand.
-
Wall Street falls after weak economic data sparks concern about recession
NEW YORK (AP) — The stock market finished with a sharp loss Thursday after bleak readings on the economy heightened investors' fears of recession. The Dow Jones industrial average fell more than 140 points.
-
Jobless claims fall but improvement seen as only temporary
WASHINGTON (AP) — The number of newly laid off workers filing claims for unemployment benefits fell last week, but the larger-than-expected drop was seen as only a temporary improvement.
The Labor Department reported Thursday that the number of jobless claims dropped by 9,000 last week to a total of 349,000.
-
Fed downgrades forecast of future economic activity
WASHINGTON (AP) — The Federal Reserve on Wednesday lowered its projection for economic growth this year, citing damage from the double blows of a housing slump and credit crunch. It said it also expects higher unemployment and inflation.
-
Yahoo's rebuff of Microsoft's multibillion-dollar bid leaves investors guessing
Yahoo Inc.'s rejection of Microsoft Corp.'s unsolicited takeover bid left investors guessing the next move in a tense mating dance that may hatch a more imposing challenger to Google Inc. or disintegrate into a bruising brawl.
-
Lenders extend mortgage plan to borrowers of all loans, not just subprime
Six major lenders agreed to widen their efforts to help borrowers of all loans -- not just subprime -- and allow seriously overdue homeowners to suspend foreclosures for 30 days while affordable loans are worked out.
-
Talking Sense: Without risk there is no reward
Recently stock markets around the world have experienced a significant decline and increased volatility as investors worry about the slowdown in the U.S. economy. Some economists think the recession has already begun. Others argue that growth will slow to 1 percent but a recession (defined as two back-to-back negative quarters of GDP — gross domestic product) will be averted. Some managers say we have already entered a bear market, especially if you look at the decline in small cap stocks. Others hold on to the belief that although more severe than the other 5 to 9 percent corrections we witnessed in 2007, it still is just a correction and not the beginning of a prolonged and deeper decline.
-
Shoppers become stingy with gift cards, the latest sign of consumer
strain
NEW YORK (AP) — Here's a sign of how shaky the economy has become: Wal-Mart says its shoppers are redeeming their holiday gift cards for basic items — pasta sauce, diapers, laundry detergent — instead of iPods or DVDs.
-
Wall Street gives up early gains after Fed official says inflation remains a worry
NEW YORK (AP) — Wall Street pulled back for the third straight day Wednesday as investors still uneasy about the economy sold off after a Federal Reserve official suggested rising inflation could prevent the central bank from making further interest rate cuts.
-
Stocks tumble as weak service-sector report stirs concerns about economy's health
NEW YORK — Wall Street plunged Tuesday, driving the Dow Jones industrials down 370 points after investors saw an unexpected contraction in the service sector as evidence the economy is sinking into recession. It was the Dow's biggest percentage drop in almost a year.
-
How one family got out of debt and bought a house
HUTCHINSON, Minn. — This year the holidays were particularly joyous for John and Sheryl Martin.
Chili and videos on Christmas, and board games on New Year's Eve with their two sons, David, 21, and Mike, 20. All in their first house.
-
Wire connection could be key to problem
I have a 1986 Corvette (automatic) that has a starting problem. When it doesn't start, all the dash lights turn on and that's it. I then have to pull the key out for five minutes and wait. It always starts then. I've read it could be a vats issue (vehicle anti-theft system). I made a new key, and a local dealer had the car a day and it always started so they could not diagnose it. They also said to change the computer and ignition switch (cost around $1,000). Is there an easy way to test this or could a resistor bypass do the trick? It's embarrassing when I get stuck and have to wait the five minutes all the time. Thanks. Ray, via e-mail
-
Range Rover brings comfort off road
Even big-time professional car writers pull bone-headed stunts. Small-time ones do, too. My latest occurred while slavering over a Range Rover. The lavish, British-made sport utility vehicle is renowned for rambling on rough terrain, even if it is an $80,000 luxury wagon. Still, I should have checked the tires of my test model before challenging a snow-caked slope.
-
New Infiniti comes with tennis tips, cash advice
Kelly Infiniti of Danvers will welcome the new EX35 luxury wagon while it provides a free tennis clinic and financial-planning session. The launch party takes place Saturday, Feb. 9, at the dealership, from 10 a.m. until 2 p.m. Refreshments will be provided.
-
King of Mopars: Indiana man builds national reputation on restoration of classic cars
DANVILLE, Ind. — Lucky is the man who turns his hobby into a lucrative profession.
For Ken Mosier, that's restoring classic cars. Specifically, he's reconditioned Chrysler Mopar cars (short for "Motor Parts") for more than 25 years. And he's earned a national reputation in the process. His work routinely wins awards and has been featured in car magazines and even country music videos.
-
A sales principle that leads to wealth: It's all about them
Think about the way you sell, and the way you present your product or service.
How many times do you think you use the word "we"?
My bet is hundreds.
How many times SHOULD you use the word "we"?
My answer is ZERO.
-
Microsoft makes $42B bid for Yahoo
SAN FRANCISCO (AP) — Unable to topple Google Inc. on its own, Microsoft Corp. is trying to force crippled rival Yahoo Inc. into a shotgun marriage, betting nearly $42 billion that the two companies together will have a better chance of tackling the Internet search leader.
-
Stocks erase early losses, charge higher following easing of concerns about bond insurers
Wall Street ended a frenetic January with a huge advance Thursday after investors set aside worries about bond insurers and grew more optimistic that the Federal Reserve's interest rate cuts will indeed help lift the economy. The Dow Jones industrials rose more than 200 points but suffered its worst January in eight years.
-
Technically speaking: Venture Forum more than a networking opportunity
Since 2002, the Merrimack Valley Venture Forum has been organizing such mixers with an eye toward expanding the region's technical economy.
-
Flap over pancake chain lands in court
SALEM - There's room for both McNuggets and the Rooty Tooty Fresh 'N Fruity plate in one Salem shopping plaza, a federal judge has ruled.
