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LONDON (Reuters) - European stocks bounced off intraday lows on Thursday after Britain slashed interest rates by 1.5 percentage points to 3 percent, their lowest level in more than half a century.
The Bank of England's shock move prompted a bounce in UK stocks and a brief fall for sterling but market reaction was clouded by fears that the dramatic cut suggested the British economy maybe in even more trouble than had been
General Motors Corp warned this week that the industry's prospects are dwindling fast as a "near collapse" in demand for cars accelerates the pace of cash burn.
The chief executives of Detroit's Big Three -- GM, Ford Motor Co and Chrysler LLC -- are scheduled to lobby House of Representatives Speaker Nancy Pelosi later on Thursday on the need for new and immediate aid, on top of $25 billion in loans sought from the outgoing Bush administration.
GM and Ford are expected to post dismal results on Friday.
Disappointing company news from the likes of Toyota and Cisco pushed U.S. stock futures down more than 150 points early Thursday - combined with less-than-stellar weekly jobless claims data.
Asian and European stocks were sharply lower overnight as investors reacted to Wednesday's 500-point drop in the Dow.
NEW YORK (Reuters) - Major retail chains posted disappointing October sales as consumers, stunned by a financial crisis that threatened to derail the U.S. economy, shunned all but the most crucial of purchases.
Discounter Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research, Stock Buzz) stood out as one of the few bright spots. It posted a better-than-expected increase of 2.4 percent in October sales at U.S. stores open at least a year. Analysts had expected a 1.6 percent rise, according to Thomson Reuters data.
EW YORK, Nov 6 (Reuters) - U.S. stocks headed for a lower open on Thursday as disappointing outlooks from companies including technology bellwether Cisco Systems (CSCO.O: Quote, Profile, Research, Stock Buzz) pointed to a deepening global economic downturn.
Monthly sales shortfalls posted by Costco (COST.O: Quote, Profile, Research, Stock Buzz) and Target Corp (TGT.N: Quote, Profile, Research, Stock Buzz) heightened worries about faltering consumer spending heading into the holiday shopping season.
Originally posted by JanusFIN
Yesterday, day after the elections, was the day number one.
NEW YORK (CNNMoney.com) -- Stocks swooned Thursday, as weak reports on retail sales and jobless claims added to fears of a prolonged recession.
The Dow Jones industrial average (INDU) lost 210 points, or 2.3%, over an hour into the session, after having fallen as much as 221 points earlier.
The Standard & Poor's 500 (SPX) index and the Nasdaq composite (COMP) both declined by around 2.5%.
Currently, the tax code puts the majority of the burden on middle-income earners and rewards the wealthy. Under Sen. Obama’s proposed plan 95 percent of Americans would receive a tax break. Only the top two percent of earners, those making over $250,000, will see their taxes increase. In addition, Sen. Obama has vowed to end tax loopholes for companies that outsource jobs overseas and will instead provide a tax credit to those companies that hire American workers. Capital gains taxes will also be returned to pre-Bush levels.
Another key portion of Obama’s plan to strengthen the middle-class is to make a serious investment in alternative energy. Obama’s plan includes enacting a windfall-profits tax on energy companies that would finance tax breaks to American families. Obama has also claimed that he will invest $150 billion over the next 10 years in alternative energies. The plan will create five million new “green jobs” according to his Web site. To pay for part of his plan he will impose a cap-and-trade emission tax that will essentially put the right to pollute up for auction to the highest bidders
Just a day after the Dow posted its worst post-Election Day loss ever, Wall Street returned to selloff mode Thursday morning after a cluster of key companies like Cisco warned of weak results thanks to the slowing economy.
NEW YORK (Reuters) - Retail chains posted the worst monthly sales data in this decade as consumers stunned by a financial crisis that has derailed the U.S. economy cut spending sharply in October.
Nov. 6 (Bloomberg) -- Citigroup Inc. and Goldman Sachs Group Inc., faced with a weakening economy and the prospect of mounting losses, began firing workers as part of the firms' plans to cut more than 12,000 jobs, people with knowledge of the matter said.
Goldman, which converted last month from the biggest U.S. securities firm into a commercial bank, yesterday began telling about 3,200 employees, or 10 percent of its workforce, they were out of a job, according to one of the people who declined to be identified because the decisions were confidential.