Wall Street had another astounding advance Tuesday, with the Dow Jones industrials soaring nearly 900 points in their second-largest point gain ever as late-day bargain hunters stormed into the market. The Dow and the Standard & Poor’s 500 index were each up nearly 11 percent. There didn’t appear to be any one catalyst for the [...]
Another Wall Street washout was in the making during the final hour of trading Thursday. The stock market’s afternoon selloff intensified to send the Dow below 9,000 for the first time in five years, as unshakeable fears from the credit freeze combined with the expiration of short-selling rules to beat down stocks for the seventh [...]
Federal Reserve Chairman Ben Bernanke Tuesday signaled a readiness to lower interest rates in a dramatic shift to support an economy battered by a financial crisis of “historic dimension.” Recent economic data and financial developments show that the outlook for growth has worsened and downside risks to growth have gained, Bernanke said in remarks to [...]
The fate of an emergency economic rescue plan remains uncertain this morning as the House prepares for a climactic midday vote, but both Democratic and Republican leaders say they are optimistic that they can marshal more support for the $700 billion bailout than they did last Monday. On that narrow vote earlier this week, the [...]
The Senate strongly endorsed the $700 billion economic bailout plan on Wednesday, leaving backers optimistic that the easy approval, coupled with an array of popular additions, would lead to House acceptance by Friday and end the legislative uncertainty that has rocked the markets. In stark contrast to the House rejection of the plan on Monday, [...]
In an effort to revive the stalled financial rescue package, Senate leaders are trying to jump-start the process by tweaking the bill in hopes of winning the 12 House votes needed to cover Monday’s shortfall. But no matter how it’s altered, the package still faces substantial hurdles when the House takes it up again. Despite [...]
Treasury’s $700 billion Wall Street rescue plan collapsed in the House, sending a shock through financial markets and leaving the Bush Administration scrambling to find some new way to deal with the credit crunch facing the American economy. “I don’t know that we have the path forward at this point,” House Minority Leader John A. [...]
The House began a heated debate this morning on legislation that would authorize what is likely to become the biggest federal government bailout in the nation’s history, shortly after President Bush urged lawmakers to act quickly to approve the $700 billion proposal hammered out over the weekend. Bush acknowledged that the vote will be “difficult” [...]
House and Senate negotiators from both parties said Thursday that they had reached general agreement to move forward with the Bush administration’s proposed $700 billion rescue effort of the nation’s financial system. Emerging from a nearly three-hour meeting in the Capitol, Republicans and Democrats said they would continue working through the day to complete the [...]
