U.S. policymakers have more ways to combat the financial crisis, according to Federal Reserve chairman Ben Bernanke.
Part of the action plan includes further rate cuts and adding liquidity to financial institutions and troubled markets.
Conway Gittens reports from New York.
U.S. online retailers report solid web store traffic on Cyber Monday.
Target says half-day results show sales were up slightly over last year, and the order sizes were a bit larger. At CyberMonday.com, which provideslinks to deals at major retailers, morning traffic nearly equaled that of last year's full-day results. Fred Katayama reports from New York.
An official declaration of an American economic recession sent Wall Street stocks on a 9 percent free-fall.
The Dow fell 679 points, a drop of 7.7 percent to 8,149. The S&P 500 gave up 80 points, or 8.9 percent to 816. The Nasdaq tumbled 137 points, or 9 percent to 1,398.
Crude oil prices fell sharply $49.28
Conway Gittens reports from New York.
The latest figures add to the misery of the world's car makers as they face a battle for survival.
Many are already cutting production and turning to their respective governments for help as the global financial crisis and worsening economic climate hammers consumer confidence.
Britain's Royal Bank of Scotland promises six-months grace for struggling homeowners for up to a year.
*Euro zone manufacturing gloom
*Gloomy outlook for German retail sales
German shoppers aren't letting recession scare them away from stores in the run-up to Christmas, but the sales outlook for 2009 remains cloudy.
Retail sales in Europe's biggest economy rose slightly during October, up 0.4 percent from September, as sales including those of cars and fuel at gas stations were up.
But while this may help offset the impact of slackening exports for now, unemployment is expected to rise and next year's outlook is gloomy.
Joanna Partridge reports for Reuters
The Bush administration's Troubled Asset Relief Program, or TARP, was criticized on Capitol Hill for not doing enough to stop home foreclosures or helping the auto industry.
On Wall Street, a volatile session finished with the Dow up 151 points to 8,424. The S&P 500 climbed 8 points to 859. The Nasdaq crept one point higher to 1,488.
Oil prices fell to $54.39 a barrel.
SPEAKER: Henry Paulson, U.S. Treasury Secretary
Conway Gittens reports from New York.
U.S. stocks fell 5 percent after the biggest monthly drop in retail sales cast a dark shadow over this weekend's G20 meeting.
The Dow dropped just under 338 points to 8,497. The S&P 500 fell 38 points to 873. The Nasdaq tumbled 79 points to 1,516.
Crude oil price were down $1.20 a barrel to $57.04.
Speaker: Anthony Chan, chief economist, JP Morgan Private Wealth Management.
Conway Gittens reports from New York.
GDP figures show the 15 countries in the euro zone have entered recession with further gloomy prospects for the fourth quarter results.
This is already having an impact on the real economy with some jobs in the steel and car industry on the line in the face of falling demand and investment cuts.
Stocks slumped 5 percent as Treasury Secretary Henry Paulson's new bailout plan added to fear the credit crisis is not done threatening the economy.
The Dow fell 411 points, a drop of nearly 5 percent, to 8,282. The S&P 500 fell 46 points, or 5.2 percent, to 852. The Nasdaq dropped 81 points, or 5.2 percent, to 1,499.
Crude oil prices fell $3.17 a barrel to $56.16.
SPEAKERS: Brandon Thomas, job seeker, New York City; Michael Brenner, former computer programmer, New York City; Tara Moseder, certified emergency medical technician, New York City.
Conway Gittens reports from New York.
Britain's central bank chief says the country is probably already in recession and heading for a difficult year but said falling inflation would give balance to the economy.
* Oil hits 20-month low on consumption fears
* EU fines car glass maker cartel 1.3 billion euros
* Wonky veg is back after EU standards law overturned
China scoops its first major overseas deal for a home-grown aircraft but the world aviation industry as a whole is in a tail spin.
The biennial Zhuhai gathering is a major showcase for the international aviation industry and is particularly significant in the current financial climate as many major players bank on China's potential as the world's largest aviation market to help them weather the economic storm.
Car giant Honda has unveiled a pair of experimental robotic legs it says can help lighten the burden of factory workers.
Honda's Walking Assist device is designed to support bodyweight and is expected to help people who work standing or in a crouching position for a long time. The Japanese car maker says the gadget works by redistributing body weight along its frame and lightening the burden on a workers' real legs.
Billionaire investor Warren Buffett has seen shares of his Berkshire Hathaway cut in half as investors fear the company could be hit with a big payout in the future.
Buffett's company has issued insurance policies for equity derivatives, that if values keep dropping, would result in payments which could total as much as $37 billion.
Speaker: Bill Bergman, equity analyst, Morningstar
Conway Gittens reports from New York.
Pharmaceuticals and energy stocks fall after Barack Obama's presidential win with markets fearing his policies could hurt profits.
* ArcelorMittal slashes output, feezes growth plans
* Carlsberg trims 2008 outlook
Pirates have plagued the Horn of Africa for years but now their attacks are increasing in number and audacity.
The hijacking of the 310, 000 ton supertanker Sirius Star marks a new watershed in world piracy both because of the size of ship the pirates have seized and the range at which they carried out the assault some 800 kilometres off the coast of Kenya.
American companies slashed 240,000 jobs in October highlighting recession fears and helping to set the agenda for President-elect Barak Obama's first news conference.
Practitioners of 'keyhole' surgery may soon have new tools at their disposal, such as a mechanical 'snake' that enters the body through the mouth or rectum.
The brand name of the Latvian-invented camera favoured by spies worldwide lives on in Germany.
The revolutionary Minox camera was invented by Waltar Zapp and produced in Latvia in the 1930s and the brand still lives on in Germany where everything from everyday cameras to spy gadgets are still made under the famous name.
ATLANTA (Reuters) - Sears Holdings Corp reported a wider-than-expected quarterly loss on Tuesday as sales fell at its U.S. Kmart and Sears, Roebuck divisions, and said it would close additional stores.
The retailer controlled by hedge fund manager E...
By Lewis Krauskopf
NEW YORK (Reuters) - U.S. shoppers awoke early for post-Thanksgiving sales on Friday in a key test of the country's ability to withstand economic turmoil as sharp production declines in Asia gave fresh evidence of the global crisis.
...
By Tarmo Virki
BARCELONA (Reuters) - Nokia, the world's largest mobile phone maker, unveiled the N97 on Tuesday, a new flagship model with a large touch screen which it hopes will bolster its smartphone offering.
The Fi...
ZURICH (Reuters) - Credit Suisse AG is cutting 650 jobs, mainly in investment banking, it said on Tuesday.
A spokesman for the Swiss-based bank said an announcement on the cuts had been made to its staff on Monday but declined to give any further details.
(Reuters) - Stock futures pointed to a drop on Monday after grim manufacturing figures from China, and as investors braced for economic data expected this week, including key jobs figures. At 4:45 a.m. EST, S&P 500 futures were down 2 percent, Dow Jones futures were down 1.7 percent and Nasdaq 1...
By Brad Dorfman
CHICAGO (Reuters) - Bargain-hunting holiday shoppers did not save U.S. retail sales in November, which will likely represent a second straight month of declines for the industry.
Sales during last week's...
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