Main Street 9

U.S. oil prices rose above $35 a barrel  parring but not reversing  nearly 7% drop on renewed economy concerns, slumping demand and bloated inventories. U.S. crude for March delivery rose 32 cents to $35.25 a barrel. “The crude market is still hanging on to the low end of its range,” said Tom Bentz, an analyst at [...]

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General Motors and Chrysler LLC said Tuesday they could need an additional $21.6 billion in federal loans between them because of worsening demand for their cars and trucks. The two firms, in documents submitted to the Treasury Department, also detailed plans to cut 50,000 jobs worldwide by the end of the year. GM said it plans [...]

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President Bush and Treasury Secretary Henry Paulson on Friday outlined a series of far-reaching steps – likely to cost hundreds of billions of dollars – aimed at stemming a widening financial crisis that is roiling the financial markets and undermining confidence in the banking system. “We must act now to protect our nation’s economic health [...]

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  While the Federal Reserve had been tipped to leave rates on hold, analysts said a cut looked more likely after Lehman Brothers filed for bankruptcy. The Fed has sought to soothe nerves and earlier injected $70bn  into markets to boost liquidity. Central banks worldwide have faced the twin threat of quickening inflation and a [...]

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Wall Street remained on alert late Sunday as hopes for a buyout of beleaguered Lehman Brothers faded and following extensive efforts by both executives and regulators to stave off a broader financial crisis. As the weekend drew to a close, the Federal Reserve announced plans to expand its lending to the banking industry in an [...]

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Federal regulators said Thursday they could not determine after a lengthy review how much speculators have influenced commodity prices, especially the runup earlier this year in oil prices. The Commodity Futures Trading Commission released a much-anticipated report examining the activities of large index investors and so-called “swap” traders – those who trade on behalf of [...]

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The federal government’s takeover of Fannie Mae and Freddie Mac may save the battered real estate market from a complete meltdown. But financial experts say the bailout won’t lead to a housing recovery just yet. Instead, some on Wall Street said the housing sector is in as tough shape today as it was before Sunday’s [...]

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President Bush on Saturday tried to pin the blame on Congress for soaring energy prices and said lawmakers need to lift long-standing restrictions on drilling for oil in pristine lands and offshore tracts believed to hold huge reserves of fuel. “It’s time for members of Congress to address the pain that high gas prices are [...]

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