Dow drops nearly 680 on consumer spending worries
The reality that the nation is indeed in recession and that the downturn may well be prolonged sent Wall Street plunging Monday, hurtling the Dow Jones industrials down nearly 700 points and wiping out more than half of last week's big gains. All the major indicators fell more than 7 percent, with the Standard & Poor's 500 index down nearly 9 percent.
Gold, other commodities tumble on economic data
Gold prices and other commodities tumbled Monday, as confirmation that the nation is in a recession further unnerved investors already concerned about a drop off in demand for raw materials.
Paulson says other rescue programs being examined
Treasury Secretary Henry Paulson said Monday that the administration is looking for more ways to tap a $700 billion financial rescue program and will consult with Congress and the incoming Obama administration.
Bernanke: lower interest rates are "feasible"
Federal Reserve Chairman Ben Bernanke said Monday that further interest-rate cuts are "certainly feasible," but he warned there are limits to how much such action would revive an economy likely to stay weak well into next year.
Government bond yields hit fresh lows
Yields on long-term U.S. government debt sank to record lows Monday as worries about mounting economic problems and a stock market plunge touched off another investor rush to safety. The possibility that the Federal Reserve could enter the Treasury market as a buyer also helped drive down yields.
It's official: US has been in a recession all year
It's official. The U.S. economy has been in a recession for the past year.
Pilgrim's Pride files for bankruptcy protection
Pilgrim's Pride Corp. filed for Chapter 11 bankruptcy protection on Monday, hurt like other meat producers by volatile feed prices and slumping demand but also hobbled by an unmanageable debt load.
US-China talks will include currency issues
Administration officials say they will urge the Chinese to continue allowing their currency to rise in value against the dollar and to avoid raising protectionist trade barriers amid the global economic crisis.
Strong dollar means Mexico migrants send more home
Victoria Servin shows off her new pair of black leather boots, a splurge for the 21-year-old student who lives alone in an aging, one-room apartment.
New York Fed launches search for new president
Timothy Geithner, President-elect Barack Obama's pick to be Treasury secretary, will soon step down from his current post as president of the Federal Reserve Bank of New York.
Manufacturing index drops to 26-year low
A gauge of U.S. manufacturing activity that fell to a 26-year low Monday followed similarly weak readings in Europe and China, fueling fears of a deepening global downturn.
Alabama mayor arrested on bribery, fraud charges
The mayor of Alabama's largest city was arrested Monday on charges of steering millions of dollars of bond work to a friend in exchange for more than $230,000 in bribes to pay for an expensive wardrobe and flashy jewelry.
Manufacturing index drops to 26-year low
A gauge of U.S. manufacturing activity that fell to a 26-year low Monday followed similarly weak readings in Europe and China, fueling fears of a deepening global downturn.
Ford weighs selling Volvo amid industry downturn
Ford Motor Co. is considering selling Volvo Car Corp. as the beleaguered U.S. automaker seeks to raise cash and weather a global automotive sales crisis.
J&J to buy breast implant maker Mentor for $1.07B
In a move to become a major player in cosmetic and reconstructive surgery, health care products company Johnson & Johnson said Monday it will buy cosmetic-product and breast-implant maker Mentor Corp. for $1.07 billion.
London's FTSE 100 down 222.52 points at 4,065.49
Share prices on the London Stock Exchange closed down Monday.
US dollar mixed, gold down in afternoon trading
The U.S. dollar was mixed against other major currencies in European trading Monday afternoon. Gold fell.
Ryanair renews bid for Aer Lingus
Budget airline Ryanair launched a new takeover bid Monday for Irish rival Aer Lingus, calculating that Ireland's worsening economy would soften past opposition and make a deal more likely.
SKorea's 3rd-quarter economic growth revised down
South Korea's economic growth was slower in the third quarter than originally estimated, the central bank said Tuesday, further evidence that Asia's fourth-largest economy is being hit by the global meltdown.
Brazil describes new plan to slow deforestation
Brazil plans to boost spending and programs to significantly slow destruction of the Amazon rain forest by 2017, aiming to reduce global warming by slashing the amount of carbon dioxide emitted when trees are burned.
Hawaiian Telcom files for bankruptcy protection
Hawaiian Telcom Communications Inc., the largest telephone company in Hawaii, said Monday that it had filed for Chapter 11 bankruptcy protection.
US newspaper ad sales fall a record $2B in 3Q
U.S. newspaper advertising revenue collapsed by nearly $2 billion, or 18 percent, in the third quarter, according to the Newspaper Association of America, an industry group. Even online ad revenue made a small U-turn for the second quarter in a row.
Ford CEO will return to Washington by car
When the men who run Ford Motor Co., Chrysler LLC and General Motors Corp. return to Washington later this week to seek government loans, they'll make sure traveling by corporate jet doesn't become ammunition for their critics again.
Regulators hang up on cell tower backup rules
Federal regulators have rejected proposed changes by the Federal Communications Commission that would require all U.S. cell phone towers to have at least eight hours of backup power.
Automakers' debt may be obstacle to federal loans
They'll park some corporate jets, cut executive pay and serve up concessions from the United Auto Workers, but Ford Motor Co., General Motors Corp. and perhaps Chrysler LLC also will have to address massive debts to persuade a skeptical Congress to loan them money.
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