credit crisis

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Supply Worries Send Oil Near $80 a Barrel

US inventory drops, and OPEC production boost won't cover shortfall

(Newser) - Crude oil hit nearly $80 a barrel today—its highest price ever—thanks to dwindling supply. US inventories fell by 7M barrels last week, much more than the 2.7M analysts predicted. OPEC announced a production increase of only 500K barrels, which Bloomberg reports will not meet seasonal demand increases....

Stocks Plummet on Jobs Report
Stocks Plummet on Jobs Report
Sep 7, 2007 4:02 PM CDT

Stocks Plummet on Jobs Report

(Newser) - The Dow lost more than 1.5% of its value, or 249.97 points, to close at 13133.38 after a devastating report showed that 4,000 jobs were lost in August, the first increase in unemployment in four years. Wall Street had anticipated job growth, and the numbers prompted...

Hemlines Drop; Are Stocks Next?
Hemlines Drop; Are Stocks Next?
Sep 7, 2007 1:16 PM CDT

Hemlines Drop; Are Stocks Next?

Fashion Week's modest looks may spell trouble for investors

(Newser) - If a popular adage about style and stocks holds up, New York's Fashion Week spells trouble for investors. The spring collections on display in the Bryant Park tents this week presented more modest looks, Reuters reports, with many knee-length or lower dresses and skirts. That may mean rough going if...

Credit Crunch Doesn't Dampen Retail Numbers

Luxury, back-to-school shoppers drive August figures up

(Newser) - Better-than-expected retail sales figures for August, which built on healthy back-to-school and luxury shopping, raised hopes today that turbulent markets won't take too big of a bite out of holiday-season sales. Wal-Mart and Target made out well, as did luxury emporiums such as Saks. "It bodes well for Christmas,...

Bush to Unveil Bailout Plan in Mortgage Crisis

Reforms will help families keep their homes

(Newser) - President Bush will announce a rescue package for homeowners with subprime mortgages faced with foreclosure. The package will include a call for Congress to give the Federal Housing Administration more power to help borrowers keep their homes—and stricter enforcement of laws against predatory lending, Reuters reports.

Stocks Shake Before Fed Speech
Stocks Shake Before Fed Speech
Aug 30, 2007 4:31 PM CDT

Stocks Shake Before Fed Speech

Wall Street awaits Bernanke's priorities in Friday address

(Newser) - Technology shares are still on the rebound, but the credit market continues to shake other stocks as traders await Ben Bernanke's speech on Friday. The tech-heavy NASDAQ gained 2.14 today, to close at 2565.30. But the Dow slipped 50.56 to 13238.73, and the S&P 500...

Fed Chief to Address Market Uproar
Fed Chief to Address
Market Uproar
Aug 30, 2007 5:02 AM CDT

Fed Chief to Address Market Uproar

Wall Street will be craining for clues on possible rate cut

(Newser) - Tomorrow, Ben Bernanke will make his first speech since turmoil erupted in the world's financial markets early this month. As Wall Street listens for clues about whether interest rates will be cut next month, the Fed chief be walking a tightrope, the Washington Post observes. If he appears indifferent, panic...

Credit Crisis Spurs Calls for New Oversight

EU, Asia want cooperation in US market regulation

(Newser) - Financial regulators and politicians across Europe and Asia are banding together to demand an international role in the oversight of American markets. The subprime meltdown has demonstrated that fluctuations in American markets can wreak havoc the world over, the Times reports, and now international players are wondering why they must...

Uncertain Art World Awaits Fall Sales
Uncertain Art World Awaits Fall Sales
Aug 29, 2007 10:47 AM CDT

Uncertain Art World Awaits Fall Sales

Credit crisis has auctioneers, galleries bracing for bear market

(Newser) - As the art world returns from its summer hiatus, dealers, auctioneers, and collectors are on edge about a possible downturn in the market, the Times reports. Fallout from the global credit crunch has led to speculation that astronomical prices for art, particularly in the contemporary sector, may be heading for...

Euro Stocks, US Futures Rise, Asia Dips

Big exporters still trembling over possible US slowdown

(Newser) - European stocks and US futures advanced overnight, as traders waxed optimistic that the credit crisis won't spread to affect the broader economy. But Asian markets are more concerned about the general prospect of a US slowdown—which could hit Asia's export-heavy economy hard.

Home Depot Deal Renovated
Home Depot Deal Renovated
Aug 27, 2007 5:37 AM CDT

Home Depot Deal Renovated

Price for wholesale unit slashed

(Newser) - The sale of Home Depot's wholesale supply unit—threatened by the credit crisis —is going ahead after tense negotiations between Home Depot, private equity firms buying the company and banks providing the financing. Home Depot slashed its price 18% to $8.5 billion and guaranteed some of the loans...

Plastic May Pose Next Big Threat to Economy

Experts expect credit card trouble to track mortgage woes

(Newser) - The subprime mortgage crisis may spark another financial disaster: bad credit card debt. When rates hit 50-year lows, many owners borrowed against their homes to pay off high-interest credit cards. Now, with rates increasing, many may not be able to pay down both their mortgages and their credit cards, the...

One Unrivaled Market Force: Vacation

Stocks calm down as bankers, investors bail for the beach

(Newser) - The FT leads with a prediction that market volatility will decrease over the next week for a simple reason: everyone's going on vacation. Major decisions by banks, hedge funds and mortgage lenders will be on hold as the financial world bails New York, London and Frankfurt for the end of...

Banks Might Derail Home Depot Deal
Banks Might Derail Home Depot Deal
Aug 24, 2007 7:10 AM CDT

Banks Might Derail Home Depot Deal

Private equity threatens lawsuit as financing dries up

(Newser) - The pending sale of part of Home Depot took an ugly turn last night as three banks and three private equity firms entered into a showdown over financing. Home Depot dropped its asking price by over $1 billion, but the banks involved—JPMorgan Chase, Lehman Brothers and Merrill Lynch—have...

Credit Crunch Continues, and So Do Ads

Lenders are still advertising cheap mortgages, but the loans aren't there

(Newser) - As the credit crunch transforms the financial landscape, one thing hasn't changed: lenders continue to offer loans that are too good to be true. The Washington Post writes that mortgage companies are still offering risky products to risky customers—even Countrywide, which barely avoided bankruptcy, is flogging cheap money with...

Bank of America Bails Out Countrywide

Lender avoids disaster as bank buys $2 billion in cut-rate shares

(Newser) - Countrywide came back from the brink yesterday as Bank of America bought $2 billion in preferred stock in the mortgage company, writes the Los Angeles Times. Countrywide's share price soared in after-hours trading, only a week after the credit crunch brought it to the point of bankruptcy.

Wall Street Bonuses To Sink
Wall Street Bonuses To Sink
Aug 22, 2007 12:31 AM CDT

Wall Street Bonuses To Sink

Market crisis hits paychecks

(Newser) - The credit crisis, which has surged across the global financial infrastructure like a tsunami, washing away millions of share prices, is about to hit one of Wall Street's most hallowed traditions —the fat bonus. The extra pay for all but an elite few may be cut for the first...

European Markets Continue to Skid
European Markets Continue
to Skid
Aug 17, 2007 5:45 AM CDT

European Markets Continue to Skid

London exchange drops after opening higher

(Newser) - Financial markets across Europe were off again in midmorning trading. In London, the FTSE opened slightly higher and then suffered new losses as UK traders continued to reel from yesterday's steep fall-off, the exchange's most calamitous one-day drop in years. At mid-morning the index was down 0.2% and markets...

Market Opens Sharply Down
Market Opens Sharply Down
Aug 16, 2007 10:18 AM CDT

Market Opens Sharply Down

(Newser) - US stocks dipped this morning, following steep declines in Europe and Asia as distress over the expanding credit crisis heightened. The Dow Jones sank over 100 points this morning, and the S&P was off nearly 0.8% after erasing its entire year's gains yesterday. "Everyone is waiting for...

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