With two-thirds of the economy propped up by consumer spending, Main Street may soon deliver harsher news than Wall Street
The dollar continued to rally against European currencies Monday but plummeted more than 4% to hit a 6-month low against the Japanese yen, as the credit crisis spreads around the globe.
Credit markets were still choked Monday, as the financial crisis spread throughout Europe and stock markets around the world tumbled.
A growing number of businesses are struggling to land loans through the Small Business Administration's flagship lending program. The number of 7(a) loans given in the 2008 fiscal year, which ended Sept. 30, dropped 30% from 2007, the SBA reported last week.
Oil prices tumbled below $88 a barrel Monday, an 8-month low, as banking turmoil in Europe exacerbated fears that a global economic slowdown will crimp demand for oil and gas.
With stocks and bonds in turmoil, and the housing market still in the dumps, you're probably wondering: Are there any safe places to stash your money in this market?
Commodities prices tumbled broadly Monday on growing expectations that the financial crisis pummeling world markets will dramatically reduce global demand for energy and raw materials
The Federal Reserve announced Monday that it will increase by hundreds of billions of dollars the money it makes available to the nation's banks.
Oil prices fell to an eight-month low below $90 a barrel Monday on speculation that the spreading financial crisis will exacerbate a global economic slowdown and cut demand for crude oil.
The world's financial markets face an uncertain and possibly volatile week as investors await details about how the Treasury will implement the government's financial rescue package - and watch for any further fallout from the credit crisis around the globe.
With two-thirds of the economy propped up by consumer spending, Main Street may soon deliver harsher news than Wall Street
The dollar continued to rally against European currencies Monday but plummeted more than 4% to hit a 6-month low against the Japanese yen, as the credit crisis spreads around the globe.
Credit markets were still choked Monday, as the financial crisis spread throughout Europe and stock markets around the world tumbled.
A growing number of businesses are struggling to land loans through the Small Business Administration's flagship lending program. The number of 7(a) loans given in the 2008 fiscal year, which ended Sept. 30, dropped 30% from 2007, the SBA reported last week.
Oil prices tumbled below $88 a barrel Monday, an 8-month low, as banking turmoil in Europe exacerbated fears that a global economic slowdown will crimp demand for oil and gas.
With stocks and bonds in turmoil, and the housing market still in the dumps, you're probably wondering: Are there any safe places to stash your money in this market?
Commodities prices tumbled broadly Monday on growing expectations that the financial crisis pummeling world markets will dramatically reduce global demand for energy and raw materials
The Federal Reserve announced Monday that it will increase by hundreds of billions of dollars the money it makes available to the nation's banks.
Oil prices fell to an eight-month low below $90 a barrel Monday on speculation that the spreading financial crisis will exacerbate a global economic slowdown and cut demand for crude oil.
The world's financial markets face an uncertain and possibly volatile week as investors await details about how the Treasury will implement the government's financial rescue package - and watch for any further fallout from the credit crisis around the globe.
Fannie Mae said it will set aside the loan of a woman who shot herself as sheriff's deputies tried to evict her from her foreclosed home.
Unable to get bank loans and credit lines, small business owners are turning to other sources for the cash they need to run their businesses.
The dollar was mixed Friday after the House approved a massive intervention in the nation's financial system.
David Einhorn should be celebrating one of the best months of his career. Two companies whose stock he bet big against - Lehman Brothers and Allied Capital - suffered grave blows, with Lehman filing for bankruptcy and Allied shares plunging 60%.
Crude prices didn't move much on Friday after the House of Representatives passed a bailout plan to shore up the nation's financial system, which could help restore demand for oil.
Though a financial rescue plan was passed Friday, credit still remained tighter than ever.
Harold Bradley manages $2.1 billion for the Kansas City, Mo.-based Ewing Marion Kauffman Foundation. If you are a venture capitalist looking for a new limited partner, he's got something to tell you. "Don't stop in here," he says. "Don't try and sell me on a new fund, and good luck trying with everyone else."
Employers made deeper cuts in their payrolls in September, according to the Labor Department's monthly jobs report, as the economy experienced the biggest drop in jobs in more than five years.
Vietnam's health ministry has discovered the industrial chemical melamine in 18 food products imported from China and three other countries and has ordered them recalled and destroyed, officials said Friday.
Oil prices were erratic near $94 a barrel Friday as investors waited to see if a reworked $700 billion bailout package would pass the U.S. Congress and help stabilize the economy of the world's biggest crude consumer.
Credit remained hard to come by Thursday - even after the revised government bailout plan cleared the Senate - as investors waited to see if the bill can pass through the House.
Oil prices fell more than $4 a barrel Thursday as investors worried that the ailing U.S. economy would continue to weigh on fuel consumption, despite Senate approval of a plan to unfreeze the credit markets.
Oil prices tumbled below $95 a barrel Thursday, falling for a second day as investors bet that a revised $700 billion financial bailout plan won't be enough to avoid a recession and revive dwindling U.S. energy demand
With sales slow and credit almost nonexistent, small businesses - the country's largest employer - face painful job cutbacks.
With jobless claims and unemployment climbing, employees across the country are holding their breath, hoping to hang on to their positions and paychecks.
Rates on 30-year mortgages rose from last week as loan applications slowed in the face of turbulence in the banking and finance sectors.
Oil prices fell more than $4 a barrel Thursday on worries that demand for crude will erode further and the dollar strengthened against the euro. But trading was volatile.
The number of out-of-work Americans filing new claims for unemployment insurance rose last week to a 7-year high, according to a government report released Thursday.
The domino nature of the looming hedge fund crisis is neatly illustrated by the troubles of a high-flying New York fund with a niche that was supposed to be recession proof.
The European Central Bank left its key interest rate unchanged at 4.25% Thursday as the bank appeared to feel inflation fears outweighed concerns about the growing financial crisis that has swept through Europe.
The dollar continued its three-day run against the 15-nation euro Wednesday as banks continued to operate in defensive mode, and the Senate prepared to vote on its own version of the $700 billion financial sector rescue package that failed to pass the House of Representatives on Monday.
In one of the more bizarre byproducts of the current financial crisis, yields on tax-exempt money market funds have spiked over the last two weeks, giving investors the unique opportunity to buy safe and, for now, high-yielding short investments.
Stocks and bonds have been whipsawed the past few days as investors try and figure out whether a financial bailout plan will be salvaged and what that will mean for the U.S. economy.
Moody's Investors Service has placed on review for possible downgrade the debt ratings of Genworth Financial Inc. following the insurer's announcement that it is exploring strategic alternatives related to its domestic mortgage insurance operations.
Oil prices fell Wednesday as fears of falling demand for oil and gasoline trumped expectations that U.S. lawmakers will pass a revised bank bailout plan that they rejected earlier this week.
The number of job cuts announced in September rose as the economy slowed, according to a report released Wednesday.
When the financial markets seize up, you've got to pay attention. Here's what to do now
The U.S. dollar rallied against major currencies Tuesday as investors appeared confident that Washington would be able to push through its massive bailout package.
Credit markets remained in a holding pattern Tuesday, as investors waited to for Washington's response to the House's rejection of a massive financial bailout plan.
Over the weekend, Congress formally approved a continuing resolution that included $25 billion in low-interest loans for the auto industry to speed its transition to more fuel-efficient vehicles.
As Congress wrestles with another bailout bill to try to contain the financial contagion, there's a potential killer bug out there whose next movement can't be predicted: the Credit Default Swap.
Oil prices bounced higher Tuesday after plummeting a day earlier as investors weighed the fallout from U.S. lawmakers' rejection of a proposed $700 billion bank bailout aimed at stabilizing the U.S. economy.
Dear Annie: I work for Hewlett-Packard, which, as you probably know, is planning to lay off more than 24,000 people worldwide over the next three years. It seems that most of those on the chopping block are employees who came along with HP's acquisition of EDS. Since I happen to be in that group, I wonder if I should leave now, or wait and see what happens. On the one hand, I like it here, and my immediate boss has told me that he sees a great future for me at HP, so I should "just sit tight." On the other hand, I have two other job offers, one that came from a recruiter, and another from a former EDS colleague who left before the merger. Any advice on what to do? -Dangling Man
Wall Street's historic plunge fails to trigger similar declines in Asian stocks, which have already taken a beating this year
Investors have stopped fleeing money-market funds, a week after the federal government said it would insure fund shares don't lose their value.
The U.S. dollar rose against other major currencies Monday as turmoil in the European economy undercut the euro and the pound.
Treasury prices soared Monday after a $700 billion economic rescue bill failed to pass in the House of Representatives, sending stocks into a tailspin.
What do investors think about the $700 billion package? Depends whom you ask.
The $700 billion bailout legislation now under consideration by Congress calls for the Treasury Secretary to implement a plan to stem foreclosures by working with servicers to modify loans.
Oil prices tumbled more than $6 a barrel Monday, briefly slipping below the $100 level as traders bet that global demand for petroleum products will keep falling despite a planned $700 billion U.S. financial bailout.
The Federal Reserve and other countries' central banks announced new steps Monday that makes billions of dollars available to squeezed banks here and abroad to battle a worsening credit crisis that threatens to unhinge the U.S. economy.
A federal grand jury is investigating accounting and disclosure issues at Fannie Mae and Freddie Mac, the mortgage finance companies said Monday.
Personal spending stagnated in August as the slowing economy continued to weigh on consumers, according to a government report released Monday.
Ryan Saale was in a bind. He was planning to move back to St. Louis, Missouri, from Santiago, Chile, earlier this year but, with the job market taking a downturn, it wasn't an ideal to a start a job search -- much less from 5,000 miles away.
Introduction: Use this CNN Student News financial glossary to help students understand concepts about today's U.S. economy that are currently in the news.
When recruiting consultant Fran Quittel heard on her car radio one Friday afternoon in July that her bank, IndyMac, had been seized by federal regulators, she was surprised but unworried. An IndyMac customer for five years, Quittel had both personal accounts and business accounts at the bank, but she was confident her accounts contained less than the $100,000 insured by the Federal Deposit Insurance Corp.
Gas prices dropped for their eleventh day in a row, bringing their total decline to about 20 cents over the period, according to a nationwide survey of credit card swipes at gasoline stations.
Just when it looked like relief was on its way, lending seized up again Friday.
The U.S. Federal Reserve Bank announced an expansion of deals with European nations Friday in an effort to stabilize global financial markets.
The dollar was mixed Friday against major currencies as the fate of the government's proposed $700 billion intervention remained unclear.
Oil prices retreated Friday as the largest bank failure in the nation's history and uncertainty about the fate of the $700 billion bailout raised fresh concerns about the economy.
The Federal Reserve could be prompted to make an emergency interest rate cut in the next few days in an attempt to boost confidence in the battered banking sector.
Three top executives are departing mortgage finance company Freddie Mac, which was seized by the government nearly three weeks ago.
Senate Republicans on Friday blocked a plan by Democrats to pump $56 billion in government spending into the economy through public works projects, help for the jobless and money for states struggling with their Medicaid bills.
After a weekend getaway in New York City, Joseph Lanza logged onto his Bank of America Visa account and was shocked to see that his line of available credit had been reduced to $1,000 from $3,800.
When John Dykstra got his September credit card bill from Advanta, a small-business card issuer, he was shocked: Dykstra says he has a good credit score and has never missed a payment, but his interest rate had jumped from 7.99% to 26%.
The proposed bailout of the world's financial system isn't really about money, folks. It's about psychology. In fact, you can think of it as the most expensive piece of psychotherapy in the history of the world.
The economy's spring rebound turned out to be slightly less energetic than the government previously thought. And, the road ahead is likely to be rocky as the country gets pounded by the worst financial crisis in decades.
The Federal Reserve expanded deals early Friday morning with two of its counterparts in Europe in order to make an extra $13 billion available to banks there, after reporting increased lending to U.S. banks and Wall Street firms.
Oil prices fell Friday on investor concern that faltering negotiations in Washington may sabotage a bailout plan to stabilize the U.S. financial system, which could drag on global growth and undermine crude demand.
Gas prices dropped for the ninth day in a row, bringing the total decline to nearly 17 cents over that time period, according to a nationwide survey of credit card swipes at gasoline stations.
Bank failures are scary - especially during these times of economic distress.
The Federal Reserve says banks and investment firms ramped up borrowing from its emergency lending facility over the past week, more proof of the credit stresses plaguing the country.
Washington Mutual's stock plunged Thursday despite reports that the company was actively looking for a buyer.
After 41 years in business, Hull Printing shut down its printing presses for good in March, laying off 19 workers and closing one of the oldest family-run businesses in Barre, Vt. The catalyst: Hull Printing's bank slashed its line of credit, kicking off a death spiral that led to the company's collapse.
The dollar was mostly higher Thursday as investors clamped onto increasing optimism that approval of the government's $700 billion bailout plan was near.
Consumers know all too well that going over their credit limit can mean a nasty fee, a higher interest rate and maybe even a lower credit score.
The pace of new home sales fell to its lowest level in 17 years in August, according to a key government report released Thursday that signaled more dismal news for the housing sector in coming months.
The credit crisis is taking its toll on financial firms, leaving many people on Wall Street out of work and many more uncertain about whether they will lose their jobs in the coming months.
Oil prices slipped Thursday as investors weighed supply delays in the Gulf of Mexico against concerns that the U.S. credit crisis will slow global economic growth and hurt crude demand.
In the first economic reading from the period since the Wall Street crisis erupted, a government report Thursday showed initial unemployment claims rose last week much more than expected.
Gas prices extended their decline, falling for the eighth day in a row, according to a nationwide survey of credit card swipes at gasoline stations.
President Bush delivered remarks Wednesday night on the current crisis in financial markets and federal plans to rectify it. What follows is the full transcript of his remarks.
Good evening. This is an extraordinary period for America's economy.
The FBI is investigating Fannie Mae, Freddie Mac, Lehman Brothers and AIG - and their executives - as part of a broad look into possible mortgage fraud, sources with knowledge of the investigation told CNN Tuesday.
Standard & Poor's Ratings Services cut its counterparty credit rating on Washington Mutual Inc. further into junk territory Wednesday, noting the increased likelihood that any sale of the company would only be done in piecemeal fashion.
Oil prices slipped Wednesday, in a rocky session, as a government report showed weaker year-over-year demand and record-low gasoline supplies and refinery utilization.
David Michaels sports a bona fide mane, sculpted and flowing, like a modern-day Bee Gee. Around his neck hangs his lucky red rep tie from Saks. In his hand: a comb with a built-in laser, meant to foster follicle growth.
Treasury prices were up Wednesday as doubts about the government's $700 billion bailout of the financial industry dragged on.
Given all the turmoil going on in the financial markets lately, you may be wondering about your own safety nets. Is your money at risk? Personal Finance Editor Gerri Willis is here with your financial checklist.
Russian markets rose about 3% Wednesday, buoyed by a news report that gas giant Gazprom will be able to service some of its massive debt from its own funds amid distressed market conditions.
The Federal Reserve Bank announced a deal with four nations Wednesday meant to help increase dollar liquidity in global financial markets.
The sound of air hissing out of the commodities bubble is music to Ben Bernanke's ears.
Gas prices retreated for the seventh day in a row, nearing pre-Ike levels, according to a nationwide survey of credit card swipes at gasoline stations.
Oil prices rose slightly to $107 Wednesday in Asia as investors waited for details of a proposed $700 billion plan to buy bad mortgage debt and stabilize the U.S. financial system.
The Federal Reserve may have pulled off one "shotgun" marriage earlier this year by partnering up Bear Stearns with JPMorgan Chase.
Al Ray is so strapped for cash, the only time he eats out is Wednesday or Sunday, when the local McDonald's sells hamburgers for 49 cents.
Stocks slumped Tuesday, as the heated debate in Congress on the proposed $700 billion bank bailout dampened hopes that the government would take faster action to mitigate the credit market crisis.
Mortgage finance company Freddie Mac says its new chief executive is earning a base salary of $900,000 a year, a 25% pay cut from his predecessor who also received sizable bonuses and stock options.
Oil prices declined Tuesday as investors refocused on how the struggling economy thwarts demand for energy and wait for more developments concerning the government's proposed $700 billion bailout plan.
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