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Summertime blues for drivers: Gas at August record
You may pay more than ever for a late-summer drive. U.S. drivers paid an average of $3.72 per gallon on Monday. That’s the highest price ever on this date, according to auto club AAA, a shade above the $3.717 average on Aug. 20, 2008. A year ago, the average was $3.578. More daily records are […]
Oil extends rise after ECB head vows to save euro
BANGKOK — Oil extended gains Friday in Asia after the European Central Bank chief promised to do what it takes to keep the euro currency union intact and China stepped up stimulus efforts to counter its slowdown. Benchmark crude for September delivery was up 23 cents at $89.62 a barrel at midday Bangkok time in […]
Kevin Fusco: Summer has been turning point for stocks
What may come as the biggest surprise to many investors at the year’s halfway point is that the broad equity market, as defined by the S&P 500 Index, has returned more than 8 percent year-to-date.
Geithner: Economy needs more than tax cuts
U.S. Treasury Secretary Timothy F. Geithner told a group of Baltimore business leaders Thursday that the nation’s economy remains fragile and dependent on the actions of Congress, now in the throes of a raucous debate over the country’s debt ceiling, transportation funding and interest rates on student loans. “We can all be in favor of […]
1st U.S. museum dedicated to Greek culture opens
CHICAGO — Dolls a Greek woman made during World War II. Ice cream bowls and wooden spoons from a 1940s Greek candy store. Thousands of record albums filled with Greek music. These items and many other beloved objects and family heirlooms have found their way from around the country to the National Hellenic Museum in […]
Oil falls below $80 per barrel on demand concerns
NEW YORK — Oil prices fell for a third day Friday on worries about the global economy and demand for energy products. The sluggish U.S. economy and Europe’s debt problems continued to dog investors. Moody’s downgraded eight Greek banks, because of the country’s deteriorating economy. The concern is that a Greek default could hurt other […]
U.S. 10-year Treasury yield falls to lowest on record
Fears about Europe’s debt crisis are pushing the yield on the 10-year Treasury note to its lowest point on records dating back nearly 50 years as investors seek safety. The rally in Treasury prices was sparked in part by the unexpected resignation of a key European Central Bank official. The bank said its top economist […]
Experts downbeat on global economy
CERNOBBIO, Italy — Business leaders and finance experts gathered in Italy offered a downbeat assessment of the global economy Friday — with several predicting another recession due to a calamitous cocktail of sluggish growth, eurozone dysfunction, and financial market volatility. The year’s events — from natural disasters and violent uprisings to fears of debt defaults […]
Bank of America quashes merger talk in memo
NEW YORK — Bank of America Corp. has sent a memo to employees quashing speculation that it is in talks to merge with rival JPMorgan Chase. The bank called the speculation “baseless,” and said it didn’t “make practical sense.” The nation’s largest bank sent the memo on Tuesday as takeover talk swirled in the market […]
Stocks sink on fresh fears about global economy
NEW YORK — July doesn’t look so promising anymore. By midday Monday the Dow Jones industrial average had its biggest percentage drop since June 15. The Dow is down 170 points, or 1.3 percent, to 12,483. The European debt crisis appears to be widening with concerns about government debt defaults spreading beyond Greece, Ireland and […]
Fed still faces challenges keeping economy growing
WASHINGTON — We may be into the second year of the economic recovery, but Federal Reserve Chairman Ben Bernanke and his colleagues are still facing plenty of challenges as they try to keep a fragile expansion on track. A host of economic indicators have slowed in recent weeks and a sharp spike in gasoline prices […]
Stocks post third straight day of gains
NEW YORK — Stocks are closing broadly higher following signs that the European financial crisis may be contained. European Union officials said Monday that the EU would take steps to prevent Greece’s problems from affecting Ireland and Portugal. Stocks gained as investors turned their attention back to the U.S. Health companies like Aetna and Humana […]
