Monday, December 01, 2008
Traders work on the floor of the New York Stock Exchange, Monday, Dec. 1, 2008.

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.

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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.

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Treasury Secretary Henry Paulson speaks at the Fortune 500 Forum in Washington, Monday, Dec. 1, 2008. Paulson says 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.

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.

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Federal Reserve Chairman Ben Bernanke speaks during a luncheon of the Austin Chamber of Commerce Monday, Dec. 1, 2008, in Austin, Texas. He said  that further interest-rate cuts are

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.

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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.

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In thgis Nov. 18, 2008 file photo, Paul Nawrocki, from Beacon, N.Y., wears a sign as he looks for work near the David Letterman studios in New York. The U.S. economy has been in a recession since December 2007, the National Bureau of Economic Research said Monday.

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.

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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.

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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.

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Victoria Servin shops in Mexico City, Friday, Nov. 28, 2008. Servin survives on the $1,000 a month her mother, a nurse in Phoenix, sends her to pay tuition, rent, food and bus fare. But as the peso slips to historic lows, the U.S. dollar is going much further in Mexico City, giving her more cash than she has ever had before.

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.

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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.

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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.

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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.

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Chart shows the Purchasing Managers’ Index for the past 13 months; 1 c x 2 5/8 in; 46.5 mm x 66.675 mm

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.

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In this Sept 12, 2008, cars loaded on a truck at the Volvo Torslanda factory in Gothenburg, Sweden. Ford Motor Co. is considering selling Volvo Car Corp. as the struggling U.S. automaker seeks to raise cash and weather a global automotive sales crisis.

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.

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In this Oct. 10, 2008 file photo illustration shown are Johnson & Johnson products, in Philadelphia. Health care products company Johnson & Johnson said Monday,  Dec. 1, 2008, it will buy the medical products supplier Mentor for $1.07 billion in a move to boost its presence in cosmetic and reconstructive medicine.

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.

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London's FTSE 100 down 222.52 points at 4,065.49

Share prices on the London Stock Exchange closed down Monday.

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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.

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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.

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Security guards stand in front of the gate at the GM Daewoo plant in Bupyeong, South Korea, Monday, Dec. 1, 2008.  GM Daewoo Auto & Technology Co. said that production at its No. 2 plant in the city of Bupyeong stopped Tuesday as planned and will not resume until Jan. 5, said Park Hae-ho, a company spokesman.

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.

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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.

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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.

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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.

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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.

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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.

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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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